Can I withdraw money on my self name from capital gain account?

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This query is : Resolved

Quick Summary

You can withdraw money from your Capital Gains Account (CGAS) if you need to repay funds borrowed to make the initial deposit. However, you must obtain permission from your jurisdictional Income Tax Officer (ITO). Once you have this permission, you can submit the prescribed form to the bank to facilitate the refund from your CGAS account.

Gaurav Kapadia

Gaurav Kapadia (Querist)

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..

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

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.

Gaurav Kapadia

Gaurav Kapadia (Querist)

18 January 2023 I had transferred this money to property owner after filling form C and submitted at bank. Thanks for your reply.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

18 January 2023 That is the only option..
Good luck...

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