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Capital gains

This query is : Resolved 
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(Querist)
11 August 2014 Long Term Gain from sale of property was deposited in Capital Gains Account Scheme.
This money was not utilised for purchase of any property nor constructed any property within specified time.

Now the bankers are saying the proceeds in this account cannot be given to account holder. This money can be given directly to builder

I would like to know what are provisions in this regard ?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
11 August 2014 you need to approach the Assessing Officer through Form G. Once AO approves Form G, the banker will release the funds. Before all this, please note that this money would be paid to you net of taxes only or AO may direct you to pay the taxes before release of funds.
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