Capital gain
This query is : Resolved
03 March 2014
1.i sold a house in april 2013 and earned a LTCG of Rs. 50.00 lakhs and deposit the same in CGAS. Now I dont want to purchase any assets and want to withdraw money from the CGAS what is the proceedure to get the certificate fron I/Tax department as my banker told me to get and submit the letter/certificate issued by the I/Tax department.
2. Also let me know if I purchase/construct house within the stipulated period am I required to invest 50.00 lakhs or 50.00 lakhs plus interest earned on CGAS.
2. Also let me know if I purchase/construct house within the stipulated period am I required to invest 50.00 lakhs or 50.00 lakhs plus interest earned on CGAS.
03 March 2014
the interest in CGAS account is taxable under income from other sources and receives no exemption other than 80TTA.
So the capital gains/exemption/reinvestment shall be limited to Rs 50 lakhs only.
The procedure is to get AO's approval in Form G. Refer https://law.incometaxindia.gov.in/Directtaxlaws/act2005/sec_054.htm
So the capital gains/exemption/reinvestment shall be limited to Rs 50 lakhs only.
The procedure is to get AO's approval in Form G. Refer https://law.incometaxindia.gov.in/Directtaxlaws/act2005/sec_054.htm
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