Capital gain account schemr

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S.Reddy (Querist)
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23 November 2015 Hello everyone. one of my client had sold the agricultural land within the purview of 8 kms from municipality of town. He had invested the sale proceeds in CGAS as FD. he purchased another agricultural land without using CGAS money because of the seller's urgency.Now my client want to withdraw that amount. How to go with the process to withdraw.whether tax is needed to be paid on withdrawn amount. Kindly suggest me regarding this issue.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 November 2015 No tax need to be paid on withdrawn amount as he purchased another agricultural land. No problem in time gap.

Amol S Joglekar

Amol S Joglekar (Expert)
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23 November 2015 Application for closing the account under the Capital Gains Accounts Scheme, 1988 by the depositor Form G

you may follow the link

https://finotax.com/form/cgas1988/

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