Capital gain account payments mode
This query is : Resolved
15 March 2022
Namaste sir's
1) I sold one vacant site in Bangalore for 24 lakhs and deposited in capital gain account at canara bank
2) Now I'm in a process to buy 13 years old flat for Rs 40 lacs in Bangalore
3) home loan I'm taking 20 lakhs that gets credited to seller after registration
4) From capita gain account 20 lakhs DD will be given to seller
Whereas the balance 4 lakhs can i withdraw in cash part by part for incidental expenses like
Minor renovation works
Wall painting and doors polishing
Electrical and plumbing repair works and replacements
Please advise
1) I sold one vacant site in Bangalore for 24 lakhs and deposited in capital gain account at canara bank
2) Now I'm in a process to buy 13 years old flat for Rs 40 lacs in Bangalore
3) home loan I'm taking 20 lakhs that gets credited to seller after registration
4) From capita gain account 20 lakhs DD will be given to seller
Whereas the balance 4 lakhs can i withdraw in cash part by part for incidental expenses like
Minor renovation works
Wall painting and doors polishing
Electrical and plumbing repair works and replacements
Please advise
CA Puja Sharma
(Expert)
15 March 2022
Yes you can withdraw the remaining 4 Lakhs in parts.
Any amount withdrawn from the CGAS is required to be utilised for specified investment within 60 days of withdrawal and any unutilised amount should be desposited immediately.
Any amount withdrawn from the CGAS is required to be utilised for specified investment within 60 days of withdrawal and any unutilised amount should be desposited immediately.
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