Capital gains accounts scheme - amount withdrawal
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 November 2012
Hi,
One of my new clients had deposited Rs.50,00,000/- in CAGS in 2007-08. However, he has not invested in any house till date, neither he had paid Capital Gain tax on the amount not utilised.
When he went to bank for withdrawal of amount, the bank official asked him to pay Capital Gains tax first, then only amount can be withdrawn.
My query is whether the bank can ask for details of tax paid on Capital gains on unutilised funds.
Please reply asap.
One of my new clients had deposited Rs.50,00,000/- in CAGS in 2007-08. However, he has not invested in any house till date, neither he had paid Capital Gain tax on the amount not utilised.
When he went to bank for withdrawal of amount, the bank official asked him to pay Capital Gains tax first, then only amount can be withdrawn.
My query is whether the bank can ask for details of tax paid on Capital gains on unutilised funds.
Please reply asap.
Amol S Joglekar
(Expert)
27 November 2012
No. Bank need not ask. Instead BANK has to tell the depositor to bring the WITHDRAWL order from the concerned ITO.
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