Hello,
One of my friend sold his capital assets(share). he had short term capital gain on transfer rs 400000/- around. The said transfer was on 3rd of march2009. he has no other income. Is he liable to pay advance tax???
Thanks in Advance.
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Advance tax
Replies (2)
yes. since it fall in last quarter
Advance Tax need not be paid for the first two periods. No interest will be chargeable as the capital gain has arised only in March. However, Advance Tax will have to be paid for the March quarter.
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