India  |  Real Estate Law

Legal Question

Asked on: 7/25/13, 4:14 am

Dear Sir,

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.

Please advice.

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.

Regards,

ASHOK VAZE

Cell 98920 24820,Tel.& Fax: 022-25476194

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