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Capital gain tax

Tax queries 218 views 3 replies

A senior citizen lady of 83 years has sold her property for Rs.2.65 crore. She is not purchasing any new property and hence capital gain tax will be applicable. The entire sale consideration was received by her on 23.08.2017. I want to know whether the capital gain tax amount is payable immediately or can be paid at the time of filing of return after 31.3.2018.

Replies (3)

As per section 207, a resident senior citizen (i.e., an individual of the age of 60 years or above) not having any income from business or profession is not liable to pay advance tax.........

As such she can pay self assessment tax before filling return.

Thank you Sir. I was just confused whether capital gain tax can also be included in the exceptions for Section 207. I had read that otherwise capital gain tax is to be paid in the same quarter as the sale.

Thank you for your clarification.

 

The main reason being TDS u/s. 194IA would have been deducted.....


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