Doubts on Capital Gains Account Scheme / FD (CGAS)

[skvignesh]

Anybody here have experience of opened, used or closed This type of account?

Need to park the Property sale amount for few months till purchasing Residencial Property...

Have few doubts,

👉 Need to Deposit directly to that CGAS account or Can be deposited 1st in regular savings account then transferred to CGAS Account?

👉 Deposit time frame? Need to deposit before Financial Year End or Before Tax Filling in CGAS Account?

👉 Does the capital gain account or CGAS FD will have any Lock-in period?

👉 The FD interest rates are same as Regular Fd rates or different??

👉 Any Amount withdrawal problems from capital gain account? Does it need Permission form Accessing Officers(AO)?

👉 It says we need to Get permission from the Accessing Officers(AO) for closing the account, for what else we need to get permissions?

Is it easy to get permissions from AO?

👉 CGAS account should be maintained under same person, i mean amount should be deposited under same person account and the purchased under same person? Or can be purchased under other family members name?

Thanks Any experienced users share your thoughts...

 

[hender]

Anybody here have experience of opened, used or closed This type of account?

Need to park the Property sale amount for few months till purchasing Residencial Property...

Have few doubts,

👉 Need to Deposit directly to that CGAS account or Can be deposited 1st in regular savings account then transferred to CGAS Account?

👉 Deposit time frame? Need to deposit before Financial Year End or Before Tax Filling in CGAS Account?

👉 Does the capital gain account or CGAS FD will have any Lock-in period?

👉 The FD interest rates are same as Regular Fd rates or different??

👉 Any Amount withdrawal problems from capital gain account? Does it need Permission form Accessing Officers(AO)?

👉 It says we need to Get permission from the Accessing Officers(AO) for closing the account, for what else we need to get permissions?

Is it easy to get permissions from AO?

👉 CGAS account should be maintained under same person, i mean amount should be deposited under same person account and the purchased under same person? Or can be purchased under other family members name?

Thanks Any experienced users share your thoughts...

FD rates are same as per duration, like normal FD.
It's a form based method, initially you can park, in SB than open CG AC.
In PNB SBI you can view AC, but can't do anything without bank officer intervention.
Better to open as soon as you got the money for Prop Sale.
Just have to visit branch for anything related to ac, be it open or close.

 

[hender]

Anybody here have experience of opened, used or closed This type of account?

Need to park the Property sale amount for few months till purchasing Residencial Property...

Have few doubts,

👉 Need to Deposit directly to that CGAS account or Can be deposited 1st in regular savings account then transferred to CGAS Account?

👉 Deposit time frame? Need to deposit before Financial Year End or Before Tax Filling in CGAS Account?

👉 Does the capital gain account or CGAS FD will have any Lock-in period?

👉 The FD interest rates are same as Regular Fd rates or different??

👉 Any Amount withdrawal problems from capital gain account? Does it need Permission form Accessing Officers(AO)?

👉 It says we need to Get permission from the Accessing Officers(AO) for closing the account, for what else we need to get permissions?

Is it easy to get permissions from AO?

👉 CGAS account should be maintained under same person, i mean amount should be deposited under same person account and the purchased under same person? Or can be purchased under other family members name?

Thanks Any experienced users share your thoughts...

FD is locked, till the time you don't need it, In case you would needed it for buying another property. They will Do RTGS, banker's cheque etc in the name of Seller.

 

[sunit123]

Anybody here have experience of opened, used or closed This type of account?

Need to park the Property sale amount for few months till purchasing Residencial Property...

Have few doubts,

👉 Need to Deposit directly to that CGAS account or Can be deposited 1st in regular savings account then transferred to CGAS Account?

👉 Deposit time frame? Need to deposit before Financial Year End or Before Tax Filling in CGAS Account?

👉 Does the capital gain account or CGAS FD will have any Lock-in period?

👉 The FD interest rates are same as Regular Fd rates or different??

👉 Any Amount withdrawal problems from capital gain account? Does it need Permission form Accessing Officers(AO)?

👉 It says we need to Get permission from the Accessing Officers(AO) for closing the account, for what else we need to get permissions?

Is it easy to get permissions from AO?

👉 CGAS account should be maintained under same person, i mean amount should be deposited under same person account and the purchased under same person? Or can be purchased under other family members name?

Thanks Any experienced users share your thoughts...

1. You can t/f to savings account first and then t/f to CGAS
2. Before last date of tax filing
3. For withdrawal, amount through DD will be transferred to seller of property you are purchasing or you need approval of your Income tax office to close the account
4. Its same
5. Withdrawal not an issue but AO approval to close the account
6. It depends but AO will ask for certain documents...Submit and he will provide permission...CA will charge around 5000 Rs to get this permission (Fees vary from city to city)
7. Should be opened and bought by same person...you should be one of the buyer....If you buy jointly then your contribution will reduce...example, if you have 50 lakh in CGAS and you buy jointly for 75 lacs then your contribution in property will be 37.5 lac & rest 12.5 lac will be taxed