Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 August 2011 I want to know that if anyone had deposited there Loan term Capital Gain in the Capital Gain Scheme A/c of Nationalized bank, after some period they decided to invest in Capital Gain bonds for Exemption NHAI/RECL.
For withdrawal of Long Term CAPITAL GAIN Amount from Capital Gain A/c in Bank, is there any provision in IT Act that Assessee have to take certificate from the Assessing Office for Withdrawal of LTCG amount from the CG Scheme A/c. held with bank.And after that bank will release the deposit to the assessee.
Thanks for Cooperation.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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15 August 2011 No the interchange is not possible but if you have not crossed the period for investment then it is possible and no such certificate is required from any authorities but as the bankers are not aware of it they may demand the certificate and you may not be allowed to withdraw.

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