Capital gain account
This query is : Resolved
12 August 2017
Could you please answer below queries related to capital gain account
1. I have deposited capital gain amount in capital gain account. Now i want to start house construction. Do i need to get approval of Income tax officer before withdrawing money from capital gain account ?
2. The land where i am planning to build the house is a B khata site. BBMP does not issue building plan, completion certificate and occupation certificate for house on B khata site. Will it be an issue obtaining Income tax officer approval during closure of capital gain account ?
1. I have deposited capital gain amount in capital gain account. Now i want to start house construction. Do i need to get approval of Income tax officer before withdrawing money from capital gain account ?
2. The land where i am planning to build the house is a B khata site. BBMP does not issue building plan, completion certificate and occupation certificate for house on B khata site. Will it be an issue obtaining Income tax officer approval during closure of capital gain account ?
12 August 2017
1. No, you needn't get any approval for withdrawing money from capital gains account for the construction purpose. Keep documentary evidence for expenditure
12 August 2017
2. It won't be an issue. IT Act is not concerned about approval or plan etc.
13 August 2017
1. O.K
2. ITO may ask for approved plan and completion certificate while seeking approval certificate for closing CGAS,1984.
2. ITO may ask for approved plan and completion certificate while seeking approval certificate for closing CGAS,1984.
13 August 2017
In case approved plan and CC cannot be provided, can I get the house evaluation done from a independent certified evaluator and submit the report to ITO ?
14 August 2017
Try with that to get the certificate from ITO.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Sale of property furniture sale
- RCM INVOICING FROM NOV-2024
- GST Regis.
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING ACCOUNTING CODE FOR SERVICE TAX PAYMENT
- Redevolpment of bldg in mumbai
- Refund of AY 22-23
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
