Hi I am Anand from Kharghar, Panvel. We sold a property in my mother's name in Aug 2018 in Ahmedabad...We opened s capital gains account in SBI here in Kharghar...now we are planning to purchase a property against the capital gains...My questions are on the modalities 1. My mother's icome tax AO is in Ahmedabad...do we need AO's approval to remit funds from capital gains account against an agreement of sale.... considering current situation it is not wise to travel to Ahmedabad...so can we ask remittance from the bank without account closure... 2. 2 years of transaction completes in August 2020 end...so has government provided any relief in end date for such cases due to existing COVID situation... Appreciate an early response.
If you wish to withdraw amount then it is required to take AO approval if you are using it for the purpose of new property there is no requirement.
Relief has been provided only for investment which were due till March 2020 and not after that and that extension is also till 31.07.20.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you
Dear Sir,
Hope you are doing well !!
1. AO approval is not required for the same.
2.No extension.
Hello,
AO Approval is not required for the use of funds for the purchase of the property. In case of withdrawal from the account, approval is required.
No extension in your case.
I hope this answer satisfies your requirements.
Regards,
CA Hunny Badlani
Hi
1. No need of approval
2. No.
Hi
1. You won't require a AO approval for remitting consideration to the seller.
2. You may invest upto 30th September 2020 (refer CBDT notification 35/2020)
1. AO approval is required at the time of closure of CGAS. For transfer of funds, no approval is required.
2. If you purchase any other residential house property u/s 54, time limit is extended to 30.09.2020
