Long Term Capital Gain

SANDEEP 16
Viewed 1720

Sir,

I have got a share of 7.45 lacks after parents property sale in this June-11. Since my parents bought this property in 2004 (In my father and Mother name) and sale of property fetched capital gains to my mother, brother, sister and me according to the share we got after the sad demise of my father in 2008.( 5/8 of mother and 1/8th for me, brother and sister).

I intend to pay the capital gain tax, as i am urgently in need of money for some other purpose.

Plz advise what is the last date of paying the LTCG for me for the share i got from sale of property in June-2011.

Regards

Sandeep

long-term-gains capital-gains ltcg income-tax
2 Answers

@ Sandeep

In your case, the cost of acquisition would be the cost to your father (to be taken proportionately)

@ Sandeep and Pankaj

Advance Tax is not liable to be paid in case of Capital Gains, so there is you are not liable to pay 30% and 60% taxes and are allowed to pay the whole tax at the end of the year

CA Karan Batra532

You can pay income tax on capital gains by 31st March, 2012. But make sure to pay 30% of tax by Sept 15 and 60% by Dec 15.

Pankaj Batra5212
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