Advance tax on property gain

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  1. Joginder Singh

    Joginder Singh New Member

    Sir,
    My property is aquired by UP Gov. For Airport at Bareilly. I want to know my advance tax liability and the time period to be paid for the same. Further I want to know about the investments that can save my tax on my capital gain
     
  2. ZED

    ZED Well-Known Member

    If the property was a residential house property then you may claim exemption u/s 54.You will have to buy/ construct a new residential house property. Refer to the provision for more details.

    If the property was other than a residential house property then you may claim exemption u/s 54F.You will have to buy/ construct a new residential house property. Refer to the provision for more details.

    You may claim exemption u/s 54EC by investing in bonds of NHAI/RECL .Refer to the provision for more details.

    As per S. 211, these are the installments for advance tax which are to be discharged in the following manner. Failing to which can attract interest u/s 234C. Kindly note that there will be no levy of interest if the liability accrue because of non estimation of capital gain in that period in which the capital gain accrued. [That is if for eg. capital gain accrued in November, then interest will not be considered on such capital gain OUT OF TOTAL INCOME for the period prior to which the capital gain accrued i.e June and September installments won't include cap gain as total income.]

    Kindly do refer provisions of S.234C aswell.


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