Withdrawl of Excess amount deposited in Capital Gains Account

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  1. Arun Lakhotia

    Arun Lakhotia New Member

    I had parked my complete sale amount into my capital gains savings account. However, after discussing with a CA I came to know that I had to park only the indexed capital gain i.e. the difference into the CAGS account.

    Please let me know if it is fine and I can withdraw the remaining amount from my CAGS account keeping only the indexed difference.

    Also, can I invest the capital gains in a property I booked 6 months before the sale of my current property.

    AVSUBRAMANYAM likes this.
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    1. Yes, you can withdraw the excess amount invested from the Capital Gains Account Scheme
    2. Yes, you invest this amount in a new property booked 6 months before the sale of old property.
  3. rajegurj

    rajegurj New Member

    Hi Gaurav,

    I'm in similar situation where I deposited excess amount in Capital Gain account (Type A). Hence using same thread,

    Below is the details info associated with my property transaction.
    Hope below calculation is fine.

    "I bought property on 3rd nov 2006 at cost of 8.5lakh and sold it on 24 Jul2014 at cost of 46.5lakh
    I have deposited 40Lakh in capital gain account and rest I used for other purpose. I could see approx 10 Lakh is excess amount I deposited."

    Plz advise which form need to fill to withdraw and whether this kind of reason will be considered by Bank's.

    Thanks in advance!
  4. gaurav_kumar

    gaurav_kumar Well-Known Member

    @rajegurj : Yes, you can withdraw the excess amount deposited in the Capital Gains Account Scheme by making an application in Form C
    rajegurj likes this.
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