Time limit for payment of tax for long term capital gains.

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  1. Ayyappan.Cholakkal

    Ayyappan.Cholakkal New Member

    I have a piece of land purchased in 1994 at Rs One lakh. I want to sell the property at current market price of approx One crore. Please advise how quickly I have to file tax return for this transaction.
     
  2. Karan Batra

    Karan Batra Well-Known Member

    The income tax return is required to be filed at the end of the year.

    However, the tax would be required to be paid as per the dates for payment of advance tax. Refer - http://www.charteredclub.com/advance-tax/
     
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