I have sold my property for Rs. 30 Lacs in May 2013 and deposited the same in Capital gain a/c Type-A-savings with SBI.
I have now negotiated a deal to purchase a property(ready possession from flat owner) for Rs. 60 Lacs. I have to pay Rs. 30 Lacs now before signing agreement and balance payment within 90 days from the date of agreement.
We have signed MOU accordingly.
Can I now withdraw Rs.30 Lacs(entire amount) by giving Form C or D?
When I approached SBI, the manager insisted on copy of Agreement for sale for releasing this payment. The Spl. price negotiated is subject to making 50% down payment at the time of agreement, within a week.
When I scanned through information on Capital Gain Tax on net,I did not find any such condition. It simply says that the operation is similar to saving account operation but without cheque book and account can be opened with ZERO balance.
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2 Answers from Attorneys
As far as I know, it is not required.
Request the bank manager to give it in writing quoting the relevant rules.
In case, no response, pl lodge a formal complaint under grievance mechanism of the bank.
The process is available in the website. If nothing works out pl approach RBI Ombudsman.
Yes, you can withdraw the entire amount by providing the requisite Form to the Branch Manager and there is no such condition prescribed by RBI or the Income Tax authorities. You should politely tell the SBI Branch Manager that the money deposited in your A/c belongs to you, and he / she cannot lay down any preconditions for withdrawal of your own money. As per the Memorandum of Understanding, registration is only done on payment of 50% of the purchase consideration. Provide the Branch Manager with a self attested copy of the Memorandum of Understanding signed between you and the seller. Inform the Branch Manager that you will hold him / her accountable and responsible, if you are to lose out on the deal due to the bank's delay / lapse in release of your money.
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