Capital gain account payments mode

This query is : Resolved

Nara Hari (Querist)
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15 March 2022 Namaste sir's

1) I sold one vacant site in Bangalore for 24 lakhs and deposited in capital gain account at canara bank

2) Now I'm in a process to buy 13 years old flat for Rs 40 lacs in Bangalore

3) home loan I'm taking 20 lakhs that gets credited to seller after registration

4) From capita gain account 20 lakhs DD will be given to seller

Whereas the balance 4 lakhs can i withdraw in cash part by part for incidental expenses like
Minor renovation works

Wall painting and doors polishing

Electrical and plumbing repair works and replacements

Please advise

CA Puja Sharma

CA Puja Sharma (Expert)
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15 March 2022 Yes you can withdraw the remaining 4 Lakhs in parts.
Any amount withdrawn from the CGAS is required to be utilised for specified investment within 60 days of withdrawal and any unutilised amount should be desposited immediately.