A multilayer capacitor and a board having the same includes external electrodes and internal electrodes. The external electrodes include connection portions formed on a mounting surface of a capacitor body and band portions formed on side surfaces of the capacitor body, and the internal electrodes include body portions overlapping each other and lead portions extended from the body portions to the mounting surface of the capacitor body, to thereby be connected to the connection portions of the external electrodes. The body portions are formed to be spaced apart from virtual lines connecting distal ends of the connection portions and distal ends of the band portions to each other.