vidya kini (CA Practice ) (107 Points)
02 June 2016
Nishant Singla
(Chartered Accountant in Practice)
(71 Points)
Replied 02 June 2016
Dear Vidya Ji,
Although the Advance tax is applicbale on the estimated income including capital gains, but practically it is not posiible to estimate how much capital gain would arise in current year, so in such situation if any capital gain earned after the due date of Advance Tax, then advance tax on the Capital gain have to be paid in the next installment of Advance tax. In your case as consideration received on the last day of the finalcial year, that means advance tax liability arises, so you should not wait furhter and pay tax on it to avoid further intererst.
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