Sale Deed for Withdrawl from Capital Gains Account Scheme

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  1. Dhananjay1944

    Dhananjay1944 New Member

    On the advice of my chartered accountant, I opened a Capitals Gains Account in SBI and deposited the proceeds of the sale of a flat in this account.

    I now wish to withdraw the money from this account for the purchase of another apartment.

    However, the bank manager says I need to first register the flat in my name and submit a copy of the sale deed before he can issue me a Bankers cheque in favour of the seller of the flat. This seems rather illogical to me, since the seller of the flat is not willing to register the flat in my name before the money is in his hands.

    In other websites I have read that only covering letter and an application on Form C needs to be made to withdraw any amount from such a Capital Gains Account.

    Please advise
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    Its completely illogical request from the Bank Manager.

    How can you register the Sale Deed without making the payment for purchase.

    Maybe you can submit to him a certified copy of the Agreement for Sale.
     
  3. gaurav_kumar

    gaurav_kumar Well-Known Member

    Submitting Sale Deed is not possible. A copy of Agreement to Sale may solve the purpose along with submission of Form C and covering letter.
     
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