31 December 2022
This is a Capital gain Type A only 5 months old account, open in July - 2022 to deposit profit amount from my old flat selling. Now, I want to buy a new flat, property identify and stamp duty registration done. 50% payment paid to builder from my pocket and remaining I want to opt loan from bank.
My query is, the amount which I kept in capital gain account, shell I self withdraw on my name from bank or it is not permissible?
The reason for above question is, I borrowed the money from my relative to deposit in capital gain account and now I want to return the same..
31 December 2022
You will require to get permission from your jurisdictional ITO. With the permission in prescribed form, bank will refund you the amount from the CGAS account.
CAclubindia
