Long term capital gains

Tax queries 279 views 2 replies

Pradeep Kumar

2 Points Posted on 31 July 2017

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.

Replies (2)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

211715 Points Posted on 31 July 2017

Typically, small sums of less than Rs.25,000 can be withdrawn in cash.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.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

211715 Points Posted on 31 July 2017

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Form D	Details regarding the manner and extent of utilisation of the amount withdrawn from account under the Capital Gains Accounts Scheme, 1988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