Double re-invest in house prop. andcapital gains a/c scheme

209 views 1 replies

I had sold my House Property in June,2016 for 1Cr.

and there was Capital Gains of 40,00,000.

 

I Had already made Payment for a New House in Apr, 2016 for 44 lakhs (before Selling Old House)

and Deposited balance 56,00,000 (Out of Sale Procceds of 1Cr.)  in Capital Gains A/cs Scheme.

I was under the impression that the entire Sale Proceeds of Rs. 1 Cr. was to be Re-Invested.  

Now i realized that only Capital Gains of Rs. 40 lacs was required to be Re-invested.

 

 

So Now i want to know as to

1) How & where to Show the above (BOTH)  'Investments' and 'Deposits" in ITR ?

 2) How i can i Withdraw the amount of Rs.56,00,000 Deposited in 'Capital Gains A/c Scheme' ?

        Will the Receipt of Rs.44,00,000 given to me by the Builder be enough for withdrawal ?

        I have proof of entire Rs.44,00,000 being paid to Builder through my Bank Account.

      and also have the Copy of the Agreement to Sale entered in May,2016.

 

Replies (1)

You will have to apply for grant of permission to withdraw the money, wrongly deposited in CGAS,1988......... with your jurisdictional ITO, along with all the said proofs of investment.

Once permission granted, bank will permit to withdraw the amount & close the account.

The exemption u/s. 54, for amount of 40 Lakhs can be claimed under CG section of ITR.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
04 June 2026
Semi Qualified CA

Goyal Puneet & Associates

New Delhi

CA Final

View Details
Company
10 June 2026
Senior Account Executive

JDS Advisory LLP

Ahmedabad

CA Inter

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
16 June 2026
Sr. Associate / Assistant Manager | TAS / FDD

Boutique Investment Bank & Transaction Advisory Firm

Gurgaon

CA

View Details
Company
20 June 2026
Assistant Accounts Manager

Fintax Professionals

Gurgaon

CA Inter

View Details