My uncle has recently withdrawn the amount from the capital gain account by referring to the below procedure:
Download the application Form C from the official website of Income Tax India.
Alternatively, you can get Form C directly from
https://incometaxindia.gov.in/forms/capital%20gains%20accounts%20scheme,%201988/103120000000007955.pdf
.
This form will contain information like the amount to be withheld and the justification for the withdrawal.
Fill out all the required details in the application form.
Submit to your respective bank.
The withdrawal sum will be transferred to the associated bank account as soon as the application is granted.
It is important for you to keep in mind that you have 60 days from the time the withdrawal is made to use it. However, it cannot be placed back into your account.
Moreover, there is no restriction in issuing the cheque to the plot holders and engineers for house construction.
You must also check which banks are authorised to open the capital gain account here. Take home loan at a very low interest rate on NoBroker!Your Feedback Matters! How was this Answer?
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Authors Of The Question
What is the procedure to withdraw the amount from the capital gain account? Can I issue the cheque to the plot holders and the engineers for house construction?
Raosaheb Bhosale
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1 Answers
1 Year
2023-06-26T09:35:03+00:00 2023-06-26T13:23:46+00:00Comment
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