I deposited 31 lacs under capital gain deposit scheme in SBI. Deposits were 5 lac x 5 and 6 lac x 1. Now, 25 lac has been paid directly to the builder. For the balance 6 lac the bankers are insisting to get a clear from the IT department. Can you kindly guide me whether the contention of SBI is right and also the procedure to get IT clearance. Your earliest reply would be appreciated.
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Capital gain account closure regarding
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The bank is right. This is why people avoid depositing the amount in capital gain account. One is required to write a letter to AO and when the AO permits the bank, then the bank will allow you to withdraw the balance amount from the capital gain account.
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