Withdrawl from Cap Gains Account if Property not purchased

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  1. Anand prakash

    Anand prakash New Member

    I bought a residential house in April 2007 and sold it off in April 2014. I kept the long term capital gain of approx 26 lakhs in my saving bank account till June 2015 and then I deposited this amount in SBI capital gain account. I have the following queries...

    1. It has now been more than 2 years now since I sold my flat. Do I need to pay capital gain tax on this amount?
    2. Or this two year period be considered from the time I deposited my capital gain in capital gain account?
    3. How can I withdraw this amount in terms of what documents are required to withdraw this amount?
    4. What is the application tax rate if I need to pay tax on this amount?

    Thanks
     
  2. Karan Batra

    Karan Batra Well-Known Member

    1. As you have not made the investment in another residential property within 2 years from the date of sale - this amount will now get taxable
    2. The period of 2 years would be considered from the date of sale
    3. You would be required to submit Form C for withdrawl of the amount
    4. 20% Long Term Capital Gains Tax would be levied in this case
     
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