Capital gain account withdrawal query
Hi Sir / Ma'am,
I sold my property in 2019 Oct. And opened a capital gain account last year. Now, when i have booked a new property, i have paid the entire capital gain amount in first installment. New property is under construction.
Request your diligent guidance -
1) Is it mandatory to close a capital gain account post withdrawal of entire money from same. What if we do not close the account but have all valid docs of amount transfer - demand draft in name of builder etc
2) If yes, then, is there a timeline for closing the a/c. Will i have any tax liability in current FY if i close it post-pandemic i.e. next FY.
3) Do i physically need to go to concerned authority (jurisdiction AO) for closure - since it's in my hometown (UP), i do not want to travel during current pandemic
4) Is there linkage to time of possession. Please note - the DD to the builder has already been issued.
Lastly, Please be generous - a piece of smart advise on how to close the account without any hassles would also help. I have been told that the concerned authority doesn't easily facilitate closure and makes demands.
Asked 1 month ago in Capital Gains Tax
I consulted as well - was informed that their is no need to go - just mention in return the utilization of funds. I am really confused now. Also, worried as due to the pandemic do not see the OC or possession to be granted by Oct 22. But its a know builder - M3M and we have the builder buyer agreement signed and have detailed payment schedule - had made this payment as per the payment schedule itself. Please guide and help ! Is there any way that i can get the tax exemption - i was informed that only parking the money into the new property is required and its not linked to a mandatory possession within 3 years.
Asked 26 days ago