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Advance tax

Raj (ac) (155 Points)

13 December 2013

Hi All,

I have sold my property this year and have incurred considerable amount of capital gains. I have few options before me to nullify the capital gains like investing in other property or some government bonds.

My question is if I need to pay advance tax now?

Thanks

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Shyam C.Pujara (Student (C.A Final)) (177 Points)
Replied 13 December 2013

Hi Raj,

If u have earned capital gain tax in current year and if u r sure of investing it by 31 march then u need not pay and advance tax right now. But if u r not sure about investing it by comming 31st march then u can deposit the said amount in Capital Gain account. This account can be opened in any nationalized bank and u can utilize that amount in investing it within the time specified in the Act under respective sections.

So u dont need to pay any advance tax......

hope my solution is able to solve your query