Withdrawal of Excess Deposit from CGAS Account – Section 54F

Dear Members,

I need clarification regarding an excess deposit made in a Capital Gains Account Scheme (CGAS) under Section 54F.

Here are the details of the case:

1. A person sold a non-residential property and earned capital gains of ₹92,75,081, which qualifies for exemption under Section 54F.
2. As per the capital gain computation, the reinvestment requirement was ₹92,75,081.
3. However, an amount of ₹1 crore was deposited in the CGAS account.
4. The entire capital gain amount has been utilized for purchasing a new residential property, and the person now wishes to withdraw the excess amount of ₹7,24,919 from the CGAS account.

The questions are:

1. Can the excess deposit (₹7,24,919) be withdrawn, and what is the procedure for the same?
2. What specific documentation would be required for such a withdrawal?
3. Will this withdrawal have any tax implications, considering the withdrawn amount is not part of the capital gain exemption requirement?

Thank you for your guidance.

Best regards,

Vidyadhar