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.
CAclubindia
