Capital Gains Account Savings

Pranav Aggarwal (469 Points)
Replied 31 August 2019

I am unable to understand the above pls mail me at pranavaggarwal53 @ gmail.com or call me 8077965516

Kapadia Pravin (17254 Points)
Replied 31 August 2019

For withdrawal from capital gains scheme account you have to make an application to your jurisdictional AO who will give permission and on production of this permission letter bank will allow you to withdraw. The bank will issue DD directly in favour of selling party that is builder in your case

nitin dhage (56 Points)
Replied 31 August 2019

I have already given money to my builder from other sources and did not utilise this amount. Now as the construction and possession is already completed, hence, I need to withdraw the money from the CGSA account. Kindly advise the way forward. I cannot issue the payment to builder as he might not return to me on time by giving various reasons, kindly advise any other way by which I can withdraw the amount. Thanks in advance.

Kapadia Pravin (17254 Points)
Replied 31 August 2019

There is no other way . The capital gain account scheme is like this only

Priya Kashyap (Student) (7048 Points)
Replied 31 August 2019

no exemption is allowed for such case where capital gain account scheme amount is not spent .
Still you can invest in a new residential house property and avail.exemption u/s 54 subject to time limit.
no way elsewhere for your case

nitin dhage (56 Points)
Replied 31 August 2019

I have already taken possession of the new flat, I have spent money on interiors and furniture, but I did not utilise this money, I do have bills of the amount spent, so can we consider this amount in lieu of amount already spent....

1 Like

Kapadia Pravin (17254 Points)
Replied 01 September 2019

Not now.
Now you have to wait for end of 3 years for capital gain money use period

And then you can withdraw with prior permission of your jurisdictional AO.

But remember this capital gain account balance withdrawn is taxable and included in your return in the FY in which you are withdrawing.