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Capital gain account scheme query

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Bhushan Dronkar

39 Points Posted on 25 March 2022

I had opened a capital gain account in march 2019 for construction of house property.

in march 2022, 3 years is being completed.

however due to COVID 19 and delay on part of government department in getting Nomination of property.

this process takes time till April 2022

only there after i can withdraw the balance amount from my Capital gain account according to bank officials.

Can i get some relief from A.O for closing such account afer 3 years.
so that i can save tax on capital gain.

kindly advise me on this.

Replies (5)

Quick Summary

The user opened a Capital Gains Account Scheme in March 2019 for house construction, with the three-year deadline approaching in March 2022. Due to COVID-19 and delays in property nomination, they can only access the funds in April 2022. They are seeking advice on whether they can get an extension from their Assessing Officer (AO) to avoid paying tax on the unutilised amount, as bank officials state withdrawal is only possible after April 2022. Other users suggest writing to the AO with reasons for the delay, but one expert states no extension is permitted, and the user must either pay tax or reinvest.