I have deposited capital gains in CGAS account in July 2017 and now I need to withdraw that amount to be utilised for furnishing of my new house received under Development cum GPA agreement with the Builder. I have calculated the capital gains applicable on my old premises and there is a capital gains received. however, as I am getting a new house from builder in lieu of my old premises, hence, as per section 54 this capital gains are exempted as the money is utilised for getting the new premises, could you please advise can I also include the capital
gains received from the sale of my old flat for this new premises which I am getting from builder and show the total capital gains (Sale of old flat + DGPA agreement with Builder) as tax exemption under section 54 as the total amount is utilised for getting a new flat. kindly advise and also please suggest how can I withdraw my entire capital gains amount from the CGAS bank account. Thanks.
7 Replies
Pranav Aggarwal
(525 Points)
Replied 31 August 2019
I am unable to understand the above pls mail me at pranavaggarwal53 @ gmail.com or call me 8077965516
Kapadia Pravin
(17264 Points)
Replied 31 August 2019
For withdrawal from capital gains scheme account you have to make an application to your jurisdictional AO who will give permission and on production of this permission letter bank will allow you to withdraw. The bank will issue DD directly in favour of selling party that is builder in your case
nitin dhage
(56 Points)
Replied 31 August 2019
I have already given money to my builder from other sources and did not utilise this amount. Now as the construction and possession is already completed, hence, I need to withdraw the money from the CGSA account. Kindly advise the way forward. I cannot issue the payment to builder as he might not return to me on time by giving various reasons, kindly advise any other way by which I can withdraw the amount. Thanks in advance.
Kapadia Pravin
(17264 Points)
Replied 31 August 2019
There is no other way . The capital gain account scheme is like this only
Priya Kashyap
(Student)
(7053 Points)
Replied 31 August 2019
no exemption is allowed for such case where capital gain account scheme amount is not spent .
Still you can invest in a new residential house property and avail.exemption u/s 54 subject to time limit.
no way elsewhere for your case
Still you can invest in a new residential house property and avail.exemption u/s 54 subject to time limit.
no way elsewhere for your case
nitin dhage
(56 Points)
Replied 31 August 2019
I have already taken possession of the new flat, I have spent money on interiors and furniture, but I did not utilise this money, I do have bills of the amount spent, so can we consider this amount in lieu of amount already spent....
Kapadia Pravin
(17264 Points)
Replied 01 September 2019
Not now.
Now you have to wait for end of 3 years for capital gain money use period
And then you can withdraw with prior permission of your jurisdictional AO.
But remember this capital gain account balance withdrawn is taxable and included in your return in the FY in which you are withdrawing.
Now you have to wait for end of 3 years for capital gain money use period
And then you can withdraw with prior permission of your jurisdictional AO.
But remember this capital gain account balance withdrawn is taxable and included in your return in the FY in which you are withdrawing.
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