Withdrawl of Excess amt deposited in Capital Gains Scheme

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  1. Vishalvj

    Vishalvj Member

    If a surplus of a amount is deposited in CGAS over and above the actual capital gains ,can't it(only surplus) be withdrawn for any use.As per my CA,he says to be on safer side I mustn't withdraw as the ITO might not understand my justification and further I would be liable to pay tax on entire capital gains with surplus??? PLEASE ADVICE.
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    The excess amount deposited in the Capital Gains Account Scheme can be withdrawn for any use.

    The law says that only the Capital Gains Amount has to be deposited and if you show him the law - he will accept the same
  3. Vishalvj

    Vishalvj Member

    Mr A gifted a property to his spouse Mrs A. It was sold in future which resulted in ltcg which was deposited into CGAS. But as money went unutilized by Mrs A,she had to pay advance tax. But here clubbing of income implies and thus mr A has to pay the advance taxes. Thus it was PAID by Mr A. BUT Mr A hasnt filed his return for around 10-15 years for unforeseen reasons . Due to Health n losses even if we make his statement his income would always be less than taxable income.Can Mr A file come under scrutiny??
    Actually Mr A's PAN is showing invalid when tried to login.Thus I wouldn't be able to pay my advance taxes as here Mr A is the donor.
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