My name O S Rao. I am 76 years old. I have an income from interest about 2.5 lakhs per annum. Around 7th February, I redeemed around 18 lakhs from my MF account and reinvested again in the same fund next week. The statement issued by Asset management company shows a capital gain of Rs 6.50 Lakhs Long term Capital gain. Now my questions are: 1) what is my tax liability for financial year 2023-24? 2) Do I have to pay advance tax on capital gain amount before 31st March 2024?
Ans: Depending upon the tax regime you choose, your tax liability may vary. If you are taking income tax deductions by investing in PPF, NPS etc then those need to be factored in.
As far as advance tax liability is concerned, considering you do not have any business income and you are over 60 years of age, you are not required to pay advance taxes.
