I have amount of 97 lakhs in savings caital gains account. Please let me know the detailsed procedure to withdraw it for purchase of a flat. The account has been opened 5 moths ago.
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Long term capital gains
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Typically, small sums of less than Rs.25,000 can be withdrawn in cash. For anything more, you will get a crossed demand draft. Initially, to withdraw money, you will have to give an application in 'Form C' mentioning the purpose.
CapitalTax/ApplicationWithdrawalAmount
For subsequent withdrawals, you can use a specified form D, in which you will mention details of how the earlier withdrawal was used. Banks may reject further withdrawal if required details are not given. Therefore, keep the bills for materials purchased, payments to contractor, and so on.
The money must be utilized within 60 days of withdrawal. Any unutilized sum has to be re-deposited in a savings account immediately.
Capital Gains Account Scheme 1988 forms in Excel, which you can Fill before Print.
| Form No. / Link | Descripttttion |
|---|---|
| Form A | Application for opening an account under the Capital Gains Accounts Scheme, 1988 |
| Form B | Application for conversion of accounts under the Capital Gains Accounts Scheme, 1988 |
| Form C | Application for withdrawal of amount from account-A under the Capital Gains Accounts Scheme, 1988 |
| Form D | Details regarding the manner and extent of utilisation of the amount withdrawn from account under the Capital Gains Accounts Scheme, 1988 |
| Form E | Form of nomination under the Capital Gains Accounts Scheme, 1988 |
| Form F | Application for cancellation or change of nomination previously made in respect of account under the Capital Gains Accounts Scheme, 1988 |
| Form G | Application for closing the account under the Capital Gains Accounts Scheme, 1988 by the depositor |
| Form H | Application for closing the account under the Capital Gains Accounts Scheme, 1988, by the nominee/legal heir of the deceased depositor |
Courtesy: finotex.com
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