Int. Caln 234 C

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  1. franky

    franky New Member

    X ( indivudual, age 30), over the last few year has income which is less than basic exemption limit.
    But during 2015-16
    He sold his flat on which he earns 15cr as LTCG in the month of Feb 2016 ..
    But he pays tax on 15 th June 2016 in respect of such income.
    Since he has paid no advance tax he will liable for Int. U/s 234 B and C.
    Q that I want to ask is :-

    How his int. will be calculated U/s 234C ...I.e is to say
    Will be liable to pay Int. Right from the second quarter ( IInd qtr 30% x 1% x 3 months
    IIIrd qtr 60% ...and so on ) .or
    Only of fouth quater ( 100% x 1% x 3 months ) as X's normal income is below basic exemption limt and the only income he has earned is LTCG in the morning of Feb
     
  2. franky

    franky New Member

    Month of Feb *
     
  3. sai tejesh(ca.final)

    sai tejesh(ca.final) Active Member

    Since the capital gain is arised in between 16th dec to 15th mar,he is liable to pay advance tax for only last quarter.
    So interest liability u/s 234C will be 100%*1%.
     
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