- File proper application to the jurisdictional Assessing officer alongwith purchase deed, sale deed, computation of capital gain of the property alongwith tax liability of HUF. After the order from AO, you can easily withdraw amount from capital gain account. After order from AO, file rectification of ITR.
Withdrawal of capital gain amount from bank
Dear Madam /Sir I was purchased a flat in 2000 in my name for Rs 4,80,000/- We were living up to 2007 JAN, after that we have shifted to Delhi state Govt accommodation allotted to my wife along with our 2 daughters, the rent was deducted as per govt rules from my wife salary. Mother in law (wife mother) was staying with (Wife Brother) brother in law in above flat up to 2012 with out rent, in 2012 brother in law was separated from his mother, since 2012 mother in law was staying with us, she dont have any income since beginning, in fact we are financially supporting her for her medicines & daily needs etc. & my wife was declared as she is Dependent member in service record from beginning of the service. (pl note 1998 to 2007 she is stayed with us , 2007 to 2012 she stayed with her son & 2012 to till date she is with us) I was opened HUF in 2012 then declared above flat as HUF, Rental income Rs. 5000/- per month showed in HUF ITR, From 2013 to 2018 . in 2018 i sold this flat @16 lac as HUF A/c recorded in ITR. The said amount deposited in HUF Capital Gain account to buy new Flat, we have opted loan to buy new flat in delhi in joint name clubbing above HUF amount. But Bank refused to give Home loan, if we club HUF amount. Hence plan was dropped clubbing HUF amount for new flat. Without clubbing HUF amount we have purchased a new Flat with the help of home loan & our savings. After capital gain calculation No capital gain tax applicable on this transaction & wrongly deposited in Capital gain Account. Keeping in view of this matter and recorded in ITR 2018-19, we have submitted application & form G to IT department for with drawl above amount from bank in 2020 through CA. But no reply received till date. Pl go through above facts & suggest us, where is the complication, how to sort it out. We need money back to make part payment to present home loan to reduce loan repayment burden. pl note i am having more than 2 flats in my name , no assets in HUF. REGARDS SURESH
Asked 4 years ago in Capital Gains Tax
how to re present case to income tax authorities for signing Form G for with drawl form bank & how to close this case & huf pan
Asked 4 years ago
It depends on what all documents you have presented before income tax department and whether they have accepted this capital gain income or not.
It is very difficult to withdraw the amount before 2/3 years from deposit.
After that you need to regularly take update from AO as to whether the application has been processed or not.
The documents which he would need is ITR, computation, purchase and sale deed for starters.
How will you have purchase deed as property was not in name of huf.
You can also book consultation for more discussion.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you.
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