How to withdraw amount from capital gain account sheme

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CA Devesh Bisht (Querist)
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06 January 2017 How to withdraw amount from capital gain account scheme when the sum deposited is not utilized within 3 years to construct house.
Which form to be used? and
how to pay capital gain tax?

Amol S Joglekar

Amol S Joglekar (Expert)
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06 January 2017 https://www.bankofmaharashtra.in/downdocs/Form-G.pdf

use form G. The specimen is for Bank of Maharashtra. If your account is with some other bank, please ask them to give you form G

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CA Devesh Bisht

CA Devesh Bisht (Querist)
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06 January 2017 Thanks for your prompt reply sir.

Actually my client will not be using the amount for construction or purchase of house property.
Now my question is, will the bank ask him to deposit tax from the amount deposited in capital gain acct scheme or bank will let him withdraw full amount and later he can himself pay the long term capital gain tax.

Amol S Joglekar

Amol S Joglekar (Expert)
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06 January 2017 If you carefully go through the said form, it is required to be approved by the Assessing Officer. While approving the said form, the Assessing Officer will take every care that the appropriate income tax has been paid by your assessee. Then only AO will give the approval.

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