Hi, I have purchased a flat by selling a long-term capital asset. (All conditions for exemptions are satisfied)
Over 80% of the part payment has been already given to the builder and the rest payment is scheduled for the month of DEC 2022 hence I am depositing CG in CGAS (Capital Gains Account Scheme).
My query is Today I went to the bank to open Acc, but the Bank manager told me he can issue DD or Cheque in favour of builder only which is ok. but there are various ITAT and HC Orders saying CG spent on making a house inhabitable is also eligible for exemption U/s 54 and 54F.
If I deposit let's say funds for furniture to be purchased in future when I get my possession in the CGAS account and that time, the bank manager denies to Issue DD in favour of a Person other than a Flat builder how will I be able to withdraw funds from the CGAS account for such activities despite ITAT orders?
CAclubindia
