Correctly using the Capital Gains Account Scheme Proceeds

Good day @Quicko

I’ve some quantity sitting in CGAS account and needed to substantiate how that quantity will be successfully used.

Let’s say for instance – I’ve 50 Lac in CGAS schema and I buy a home for 35 Lac. What occurs to the remaining 15 Lac quantity?Can I switch some quantity(let’s say 10 Lac) out of 15 Lac into my financial savings account within the identify of Registration/Stamp Responsibility, Brokerage, Lawyer, Renovation prices, and so forth. after which withdraw it from my financial savings account to make use of it for these companies?

After which switch if any remaining pending quantity in CGAS (on this case 5 Lac) to my financial savings account and pay 20% tax on this quantity.

So, simply need to affirm if the CGAS quantity is used strictly for the home buy or it may be used for different extra companies occurring throughout home buy. And if any proofs must be proven to the financial institution to switch the quantity to financial savings account to make use of for these companies.

Thanks.

Hello @nyk,

The mixed quantity for 35L and 10L (paid in direction of bills) might be accounted in direction of the price of acquisition.

For the used quantity you’ll be required to pay the relevant tax.You also needs to keep the related proofs in case there may be scrutiny from the ITD

For the used quantity you’ll be required to pay the relevant tax.

Sorry however need to clear my very own doubt.

When u stated :For the used quantity you’ll be required to pay the relevant tax.

You meant that just for:After which switch if any remaining pending quantity in CGAS (on this case 5 Lac) to my financial savings account and pay 20% tax on this quantity.