My aunt sold some property and has to pay long term capital gains tax. She has a savings bank account in Indian Overseas Bank and ICICI Bank. My queries are:
1)Which challan/form to fill in?
2)Does she have to mention anywhere in the form that the tax is on account of long term capital gains or she just has to mention it is "Income Tax"?
3)Whether direct debit of the savings bank account is possible or she has to submit a cheque for the tax amount?
4)What precautions should she take as she will be filling up the challan for the first time?
5)What details should necessarily appear on the challan receipt?
6)Can the tax deposit confirmation be viewed on 26 AS (of NSDL) or on the Income Tax website and in how many days will the tax credit be confirmed there?
CAclubindia
