Capital gain

This query is : Resolved

harinder arora (Querist)
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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.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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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 http://law.incometaxindia.gov.in/Directtaxlaws/act2005/sec_054.htm

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