long term capital gain account

Hi, I have sold a land in the month of april 2010. I am incurring Long term Capital gain of Rs.50,00,000. I have not yet found a property to buy or reinvest my ltcg. I have opened a LTCG account with a nationalise bank and have deposited Rs.10,00,000. Now can i use this (Rs.10,00,000) money to pay my LTCG Tax (i.e. 20% of 50,00,000) in case I dont find a right property in the stipulated period of time. Please Advice.

asked Sep 21 '11 at 00:06 by GM75 1112


In case property is not purchased within next three years of sale, you may withdraw amount from capital gain scheme account by paying tax on same. For closure of this account, a written approval from income tax assessing officer is required. So you need to visit income tax office and explain your case to them, they will issue approval letter which can be provided to bank to close account and withdraw amount.

answered Sep 24 '11 at 18:09 by pankaj 5.2k320

link

Know someone who can answer? Share a link to this question via email, twitter , or facebook
.

Your answer
toggle preview

Follow this question

Once you sign in you will be able to subscribe for any updates here

Markdown Basics

  • *italic* or __italic__
  • **bold** or __bold__
  • link:[text](http://url.com/ "title")
  • image?![alt text](/path/img.jpg "title")
  • numbered list: 1. Foo 2. Bar
  • to add a line break simply add two spaces to where you would like the new line to be.
  • basic HTML tags are also supported

Tags:

×777
×339
×326
×112
×20

Asked: Sep 21 '11 at 00:06

Seen: 1,421 times

Last updated: Sep 24 '11 at 18:09