Capital gain account fixed deposit withdrawal of whole amount without new house/construction

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I sold ancestral property in Feb 2018 & yet I am not able to finalize upon a new property to purchase hence I am depositing the entire capital gain in Capital Gain Account Fixed Deposit Scheme for 1 year in IDBI Bank to save 20% LTCG tax due by 31st July 2018. I have following queries pertaining to the same:

1. My CAGS FD is for 1 year starting from June 2018. How will I get the funds back to my Savings Account after FD maturity in June 2019? IDBI bank has opened a Saving Account for me from which they debited the CAGS amount and credited to CAGS FD for 1 year.

2. Also once the amount comes back to my Savings Account in June 2019, will the LTCG tax of 20% will require to be paid by July 31st 2019 or July   31st 2020?

Please advise kindly.

Replies (1)

1. The FD will get credited to CGAS savings account after maturity.....

2. You cannot withdraw the amount before 3 years, unless permission from ITO obtained.

3. The capital gains will be taxed in the year of withdrawal.......


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