consideration(in excess of the prescribed limit of R50,000) by an individual is chargeable to income tax under the head, Ďincome from other sourcesí. For this purpose, the definition of property includes immovable property being land or building, shares and securities, jewellery, archeological collection, drawings, paintings, sculpture or any work of art. However, computer or laptop is not covered under the above definition. As such, Section 56(2) (vii) will not be applicable in your case and, thus, you will not be required to pay any tax in this regard.
I am a senior citizen and have had some long-term capital gain. I have not paid advance tax till now. Do I have to pay interest for non-payment of advance tax?
ó Utkarsh Desai
As per Section 207 of the Income Tax Act, a resident senior citizen (aged 60 years or more) is not liable to pay advance tax if he doesnít have any business income. Thus, if you donít have any business income, you will not be required to pay advance tax for the FY14. As there is no liability on you to pay advance tax, interest under Section 234B (default in payment of advance tax) or under Section 234C (deferment of payment of advance tax) will not be levied in your case.
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