Is Approval of Income Tax Officer required for withdrawl from Capital Gains Account?

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  1. Ajayakumar

    Ajayakumar New Member

    I have deposited an amount of Rs.1000000 in capital gains account in June 2011 (Actual gain in march 2011), but forgot that it is deposited under such scheme. ( I have not utilised the amount at all) Now when I asked the manager to close the account and deposit the proceeds in my SB a/c manager insists that I should produce consent from assessing officer. I don't mind approaching assessing officer and ready to abide by condition if any. But what will be his condition to get the money released? or what should I do now?
     
    Last edited: Mar 31, 2016
  2. sai tejesh(ca.final)

    sai tejesh(ca.final) Active Member

    If u have deposited the amount in capital gain account scheme,it means that you have claimed capital gain exemption as on now and postponed your investment to future to be made in any property.
    so income tax department given benefit to you by giving capital gain exemption.

    if you does not utilized this amount for investment,then obviously you have to question the income tax officer and subsequently he will reverse your capital gain exemption which was allowed earlier and will be taxed that amount in your hands for current year.

    There is no chance (or) option behind you sir..pay capital gains tax which was allowed earlier and get that deposit amount.
     
  3. Ajayakumar

    Ajayakumar New Member

    I was not seeking a chance. I just wanted to know, what should be my next step as on today. Your reply is clear. Dhanyavaad
     
  4. sai tejesh(ca.final)

    sai tejesh(ca.final) Active Member

    'chance' ,it means there is no any other option infront of you to get that full deposit amount without paying capital gain tax.
    your next step is file income tax returns by considering the capital gains which was exempted earlier
    pay tax and get deposit amount from ur banker.
    if he asks consent from income tax officer then also,obtain from your jurisdictional A.O.
     
  5. Ajayakumar

    Ajayakumar New Member

    I was under Kochi and PAN was from kochi. But on my shifting to Mangalore jurisdiction has somehow got shifted to Mangalore. Now I am at Trivandrum for the last three years. I file return online. Under whose jurisdiction i belong to?
     
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