Tax on amt deposited in Cap Gains Acc but not invested

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  1. tjaay

    tjaay New Member

    I have deposited a amount into BOI Capital Gains saving a/c(have Passbook) and on this 31st March 2015 it becomes 4 years .
    For some reasons this amount was not utilised.
    1) Now i would like to withdraw the amount, can it been done and what is the process.
    2) Will i have to pay tax on that amount.
    pls keep in mind i have not utalised the amount for 4 years
     
  2. Parul_Gupta

    Parul_Gupta Active Member

    Yes, you can withdraw the amount by furnishing Form C for withdrawl of funds.

    You would be required to pay Capital Gains Tax @20% on the same as you didnt reinvest the amount within the specified duration.
     
    tjaay likes this.
  3. tjaay

    tjaay New Member

    Can i invest the amount now , mainly to save tax or any other way
     
  4. Parul_Gupta

    Parul_Gupta Active Member

    You are only allowed a period of 2 years for purchase/ 3 years for construction of residential house.

    As the specified period has lapsed, therefore you cannot claim exemption in the above mentioned case
     
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