tanvinay
1
Hi,
My questions on CGAS are as under:
Do I need to deposit the entire sale amount in CGAS or just the capital gain? Can I first deposit the amount in my savings account and then transfer it to CGAS later?
When I withdraw the amount from CGAS, can i get the money in my name or it has to be necessarily in the name of a builder / seller of a property?
Regards, Vinay
If gains are not sale of residential house property, whole sale consideration amount has to be deposited into CGAS. This has to be done before income tax filing for financial year in which land is sold.
Amount from CGAS can only be withdrawn in form of demand draft/cheque issued in name of builder/seller of property or construction material supplier/contractor (in case of construction of house). Remaining/Left over amount may be withdrawn only after written permission from assessing officer.
