Festive Savings Are Here. Get 10% OFF on All CCI Pro Plans. Subscribe Now!

Capital gain - house property

547 views

Save Share

Sport Classic

42 Points Posted on 16 September 2023

I have got long term gain from house property 50 lakh but deposited 70 lakh in capital gain account before audit so I have excess deposited the amount of 20 lakh so whether I can withdraw this excess 20 lakh amt from capital gain account account, for eg long term capital in f.y 22.23 deposited in July 2023 account is in audit will be filling in sep 2023 plzz suggest how to withdraw.

Replies (5)

Quick Summary

This discussion addresses a query regarding the withdrawal of excess funds deposited into a capital gains account for house property. The user deposited £70 lakh against a £50 lakh long-term capital gain and wishes to withdraw the surplus £20 lakh. Advice suggests withdrawal is possible after the scheduled date, with no explicit restrictions on the amount, provided it doesn't exceed the excess deposit.

sabyasachi mukherjee

Profession

19978 Points Posted on 17 September 2023

Capital gain house property read section 54.
definition of capital asset

Sport Classic

42 Points Posted on 17 September 2023

Sir every thing is done defination etc just a query is if excess amt deposited in capital gain scheme account so how can we withdraw that excess amount is there any procedure or permission to be taken for withdrawal or to be withdraw like normal day to day banking as the last filling date for above assessee is 30.09.2023 ltg is 50 lakh but deposited 70 lakh they want to withdraw the excess 20 lakh deposited

sabyasachi mukherjee

Profession

19978 Points Posted on 17 September 2023

Excess amount deposited . You can only withdraw only after the scheduled Date.

Ashwin Kumar

CA ipcc

315 Points Posted on 20 September 2023

I think there are no restrictions as long as you don't withdraw more than 20 lakhs. if notice is given on such withdrawal reply with the appropriate answer and you should be good to go