Advance tax for senior citizen in case of property sale

Saurabh Bajaj (Querist) 10 December 2012 This query is : Resolved
Dear Experts,

My father is a senior citizen and has sold a property in Nov 2012, wherein the long term capital gain tax works out to be Rs. 3,04,000.

Does he have to pay advance tax before 15 Dec 2012 or can he pay total tax at the time of return filing ?

He has no business income. He gets small pension from old employer.

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Raj Kumar Makkad (Expert) 11 December 2012
He has to deposit this tax up to 15 Dec. 2012 which even if filed more than the desired, can be got claimed for refund after filing his return.

M V Gupta (Expert) 14 December 2012
If the total tax liability for the entire FY does not exceed 10,000/- advance tax need not be paid.

Raj Kumar Makkad (Expert) 14 December 2012
In the given matter, the liability of tax is more than Rs. 10,000/- so advance tax is required to be deposited as advised above.

Saurabh Bajaj (Querist) 15 December 2012
Thanks for the guidance !!

Raj Kumar Makkad (Expert) 15 December 2012
Most welcome your appreciation.

R.V.RAO (Expert) 13 March 2014
for senior citizens no advance tax if there is no business income.this was approved in budget commencing from 1 st april 2012.
source:www.live mint.com

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