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Advance tax on capital gains

sameer joshi (Article Assistant) (108 Points)

28 June 2018

On 10th March 2018 sold house property for short term gain of 400000. Is advance tax is payable on this gain or not? Thanks in advance.

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (185493 Points)
Replied 28 June 2018

The STCG is clubbed under other income and taxed as per slab rate, so if total tax amount increases 10K...... advance liability arises.

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sameer joshi (Article Assistant) (108 Points)
Replied 28 June 2018

Thanks sir but I wanted to know as sale in March 2018 and due date is March 15 how much percentage should have been paid as advance tax on March 15 and whether interest is applicable for non payment.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (185493 Points)
Replied 28 June 2018

As the sale is before march 15th, advance tax liability to pay 100% of total tax arises by 15th March itself. Due to STCG liability arises only in last quarter, interest is not charged over short payment of earlier quarters.

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