An assessee has made long term capital gain of Rs 400000 in july'08 by selling land. Whether "Advance Tax Provision" will be applicable to him for the year 2008-09?
2 Replies
Sangam
(CA)
(1329 Points)
Replied 23 July 2009
advance tax is payable only wen the total tax payable amount exceeds Rs. 5000.
N.J.R
(Practice)
(346 Points)
Replied 23 July 2009
If LTCG (after indexation) is Rs. 4 lac as u hv said, then LTCG Tax @ 20% i.e. 80000 (+ SC/EC as applicable) is payable for A.Y. 2009-10.
Therefore, Advance Tax provisions are applicable as under :-
upto 15th Sept - upto 30% of 80000 i.e. 24000
upto 15th Dec - upto 60% of 80000 i.e. 48000 (incl. 1st Installment)
upto 15th Mar - upto Rs. 80000 (incl. 1st & 2ns Installments
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