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.
CAclubindia
