Capital Gain Account related query

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Dear Brains of India,

I sold a house in the last year and made a profit of 16 Lakh after indexation (filed in last return). As I was planning to buy another property, I opened the Capital Gain Account with SBI. However, due to some mistake in calculation I have invested 19 Lakh (instead of 16 Lakh) in that account.

Now, I want to withdraw money to pay to the seller (resell flat). My question is:  
Should I pay the full amount (i.e. 19 Lakh) plus interest which is accumulated till date or I should pay only 16 Lakh which was the actual capital gain? Do I need to take permission from my Income tax assessment officer to withdraw the money?

 

P.S.

In Income tax return I have shown profit of 16 Lakh and Capital Gain Account Investment of 19 lakh.

Replies (1)

Even though you are liable to invest only 16 lakhs, but to avoid the process of withdrawal of remaining 3 lakhs, its advisable to invest total amount in the new property, if its otherwise feasible...


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