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Long term capital gain withdrawal

CA Sapna Ghelani (Chartered Accountant) (7550 Points)

06 March 2021

Which Form is required to be filed for withdrawal from Capital Gain Account?

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4 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 06 March 2021

For withdrawal of capital gain account Form D should be filed

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prasad Nilugal ( GST Practitioner & Accounts ) (14801 Points)
Replied 07 March 2021

I think From C is required to withdraw form Capital Gain Account , just Check and Confirm

Kapadia Pravin (17259 Points)
Replied 07 March 2021

It's Form C

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 07 March 2021

As mentioned there are no restrictions on withdrawal from Type A – savings account. While premature withdrawal from Type B account is allowed, it is allowed only after transferring the amount to Type A account and there may also be consequential penalty.

Any amount withdrawn is required to be utilised for specified investment within 60 days of withdrawal and any unutilised amount may be re-deposited to Type A account immediately.

Form C shall be submitted for withdrawal from an account for the first time and Form D for subsequent withdrawal providing details of the manner of utilisation of money withdrawn earlier. Hence, no chequebook or debit card is issued to the depositor.