Last date of LT CGT

Dear sir,
                 I sold a plot on 21st June  2016 measuring 2000 sq yards, which was bought on 18th April 2006. the cost of purchase and sale  has a huge margin. I was suggested by local  auditors to go for LT CGT as early as September 15th 2016. and also they told me there is no much scope for claiming improvisation costs as I don’t have any documents or bills to prove. but actually, I did some land filling and built a compound wall.
Asked 6 months ago in Capital Gains Tax from Guntur, Andhra Pradesh
Dear sir,

You will have to prove the improvisation cost with some supporting. Without supporting, it's very unlikely to prove the improvisation cost.

You should pay the advance tax as soon as possible. If you wait till 31st march 2017, you will have to pay interest on it.

Please feel free to revert in case of any doubts.

Thanks and Regards
CA Abhishek Dugar
Caabhishekdugar@gmail.com

Abhishek Dugar
CA, Mumbai
773 Answers
5.0 on 5.0
  Talk to Abhishek Dugar
Need to check the documents before suggesting. As per ur submission we think that if you are not having any proof then better not to put. 

If you can generate any bills or take confirmation from the persons to whom you have paid amount then you can take the same and claim improvement amount.
Shyam Sunder Modani
CA, Hyderabad
955 Answers
4.9 on 5.0
  Talk to Shyam Sunder Modani
You can claim expenses related to brokerage etc on sale of plot. For expenses related to improvement, if case comes under scrutiny you need to produce evidence.

Advance Tax will be paid if tax payable exceed Rs10,000/-. In case of LTCG entire tax is to be paid on September 15. Delay in Advance payment results in interest @1% for month or part thereof.

 Against sale of plot you can claim exemption under 54F if you invest in residential house provided you don't own more then one residence house on date of transfer of plot or you can claim exemption under 54EC by investing in bond within 6 month. Maximum exemption under 54EC is Rs 50 Lacs.


Saket Jain
CA, Greater Mumbai
23 Answers
4.9 on 5.0
  Talk to Saket Jain
Hello Sir,

Yes it is mandatory to maintain all the improvisation expenses to prove the expense was in context to the property.

Trust this clarifies your query. 

Please feel free to call/ get back in case of any further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP 
Rohit R Sharma
CA, Mumbai
719 Answers
5.0 on 5.0
  Talk to Rohit R Sharma
Dear Sir,

Yes you can wait to pay tax till March 2017 but you will be charged Interest on the same as you have not paid the respective advance tax.

Trust this clarifies your query. 

Please feel free to call/ get back in case of any further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP 
Rohit R Sharma
CA, Mumbai
719 Answers
5.0 on 5.0
  Talk to Rohit R Sharma
It is better you pay by 15th Sep.
Shyam Sunder Modani
CA, Hyderabad
955 Answers
4.9 on 5.0
  Talk to Shyam Sunder Modani
Dear Sir,

A resident Senior citizen not having any business income is exempt from paying advance tax.

Please feel free to revert in case of any doubts.

Thanks and Regards
CA Abhishek Dugar
Caabhishekdugar@gmail.com
Abhishek Dugar
CA, Mumbai
773 Answers
5.0 on 5.0
  Talk to Abhishek Dugar
Dear Sir,

As informed by you, if your father is a Senior Citizen then he is not liable to pay Advance Tax and you can pay the respective taxes by March"17. 
Rohit R Sharma
CA, Mumbai
719 Answers
5.0 on 5.0
  Talk to Rohit R Sharma
Yes, you have to file income tax return.
Abhishek Dugar
CA, Mumbai
773 Answers
5.0 on 5.0
  Talk to Abhishek Dugar
Sir It is better to pay advance tax at a time to avoid any interest. Also he need to compulsory file the Return of income for LTCG.
Shyam Sunder Modani
CA, Hyderabad
955 Answers
4.9 on 5.0
  Talk to Shyam Sunder Modani
Dear Sir,

The Amount provided of Advance Tax is incorrect.

The tax payable shall be 15th September - 9 Lacs
15th December - 15 Lacs
15th March - 20 Lacs.

The advance tax provisions have changed for this FY.

Trust this clarifies your query. 

Please feel free to call/ get back in case of any further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
Rohit R Sharma
CA, Mumbai
719 Answers
5.0 on 5.0
  Talk to Rohit R Sharma

Ask a Question

Get tax advice from top-rated chartered accountants. It's quick, easy, and anonymous!
Ask a question

Other questions asked by this user

Other Questions

Chartered Accountants

Abhishek Dugar
CA, Mumbai
773 Answers
5.0 on 5.0
Shyam Sunder Modani
CA, Hyderabad
955 Answers
4.9 on 5.0
Rohit R Sharma
CA, Mumbai
719 Answers
5.0 on 5.0
Vishakha Agarwal
CA, Bangalore
213 Answers
5.0 on 5.0
Shiv Kumar Agarwal
CA, Delhi
197 Answers
5.0 on 5.0
Lalit Bansal
CA, New Delhi
76 Answers
5.0 on 5.0
Vishrut Rajesh Shah
CA, Ahmedabad
194 Answers
4.9 on 5.0
B Vijaya Kumar
CA, Hyderabad
290 Answers
5.0 on 5.0
Ria Nagpal
CA, Ahmedabad
28 Answers
5.0 on 5.0
Bhagyashree Kankaria
CA, Pune
26 Answers
5.0 on 5.0