UNUTILISED CAPITAL GAIN FD
This query is : Resolved
13 August 2025
Dear All
I have received 50 lakhs against sale of shop in AY 2011-2012 and i had invested full amount in Capital Gain but failed to file ITR for the same after 14 years can i withdraw from Capital gain ITR and what is tax impact on it??
Please suggest
I have received 50 lakhs against sale of shop in AY 2011-2012 and i had invested full amount in Capital Gain but failed to file ITR for the same after 14 years can i withdraw from Capital gain ITR and what is tax impact on it??
Please suggest
13 August 2025
Check with bank for the status of the CGAS FD. If open you have to get its statement and get ITO permission to withdraw the amount on Form G. Tax liability will depend upon the total amount of the FD value. Rate will be 20% +cess.
13 August 2025
Okay but in which year tax will be applicable withdrawal year or capital gain year ie ay 11-12
13 August 2025
In the year of withdrawal.
21 August 2025
i went to the officer today he said liability on capital gain withdrawal must be from expiry of 3years not current year. i have taken capital gain fd in ay 2011-2012 and i am going to withdraw in current year i.e. AY 2026-2027 PLEASE suggest with any document proof or section to justify the officer
21 August 2025
He is right, but as you will be paying the amount on withdrawal, ITO will charge tax with interest in current year and issue closure certificate. ITO will finally decide whether to charge interest and its quantum, so apply to ITO for closure of the account and pay tax as per the demand.
23 September 2025
Good luck....
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