Can Cap Gain Account be transferred from 1 City to another?

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  1. Ravi SV

    Ravi SV New Member

    Dear Raju,
    Good morning.. Hope i am troubling you , because i did not get any reply for my previous mail.. i am sorry sir.
    Also at this moment what i require is the main advise in continuation of previous mails :

    As per the advise, i had deposited Rs 10.0 lakhs in CGAS account of my capital gain after selling my house .. further i am left with balance of Rs 25.0 Lakhs, this money can i be able to deposited any FD on my own or not., please clarify.
    Regards, your early reply in this regard would be appreciated a lot please.

  2. Karan Batra

    Karan Batra Well-Known Member

    1. You are required to keep a copy of all the documents to substantiate any claim made in the income tax return. Right now - you wont be required to submit any docs with the income tax return. However, the income tax officer can ask for such docs in future.
    2. The balance amount left after depositing the capital gains with the income tax dept can be used for any purpose like depositing in Bank FD.
  3. Dear Sir,

    I am out of internet last 2days.

    you can deposit remaining 25L on your name as FD.
  4. Ravi SV

    Ravi SV New Member

    dear Raju, Good evening .. As discussed above i had sold my house @ Hyd on 30th,Aug'2016 ( sale initiated 2 months before) and having capital gain of Rs 10.0 Lakhs and deposited in CGAS account in a nationalized bank as per advise, with an idea of investing in another house.

    Also i am having a flat @ Chennai, it was started construction in 2010 and after lot of delay after 5 years the builder has completed in 2015 and we have taken possession in Oct'2015, after paying a last installment of Rs 3.50 Lakhs in Oct'2015.

    As per the capital gain rules can we claim exemption of the above chennai flat of last installment paid as Rs 3.50 Lakhs at least, as it is prior to one year of the Hyd house sale.

    Any advantage of as above for showing the last installment paid or if i pay the part payment of my present housing loan of chennai flat, from the generated funds of Hyd house will it be beneficial for income tax or any objection would be raised.
    Please advise and give your opinion please.

    Ravi SV
  5. Dear Sir,

    It is better to consult any CA with all documents.
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