14 May 2016
I have deposited the long term capital gains from sale of residential property under CGAS. Can I withdraw this money to invest in capital gains bonds by NHAI or REC? If yes, what are the tax implications? The property was sold 3 months back.
14 May 2016
You may do so by submitting application to concerned banker stating the reason to withdraw the fund or close the account. After that you can invest that amount in Capital gain Bond. Since you had sold it just 3 months back, so its not time barred and you would be eligible to get Income Tax exemption. For further query you may logon to www.wealth4india.com or write us at info@wealth4india.com or call @9266242424 extn. 1 or 11.
CAclubindia
