Regarding payment of tax on capital gains

[rajeevjain]

one of my client has sold certain immovable property in May 2012 and there is long term capital gain, he is an Individual, according to me he is liable to pay entire tax upto 15.9.2012, what is the correct position of law ?

[satyanveshi]

you mean to say that to escape from interest u/s 234C?. If that is your query, then your client has to pay the whole amount of tax payable  in the remaining instalments i.e. 30% in Sep, 60% in Dec and 100% in March then your client will not be liable for any interest  as per the amendment brought in the finance act 1996 in the proviso to sec. 234C

[skjain]

go to section 209 ,210 , 211 of the Income Tax Act , 1961 . The liability to pay the advance tax is in three instalments as prescribed in the Act .

[srinivasan]

since the property has been sold before the 15th sep, your client has to pay advance tax together with his other income in three instalments , and not the entire amount in Sep