I had capital gains on sale of an apartment in 2013 which was part used to buy an apartment under construction and the balance was deposited in the Capital Gains Deposit Account Scheme.
Due to more than a 7 year delay by the builder, I have not been able to use the amount deposited in the Capital Gains Deposit Accounts Scheme which would have been used to pay for balance price of the above apartment which is delayed.
The bank has frozen the account and there is no interest being accrued to the same.
The advise I need is :
1. What is the procedure to retrieve the funds now blocked in the Capital Gains Deposit Account in the above case. What are the tax liabilities for the principal and interest that may have accrued in the account.
2. If the apartment is now planned to be built by a second builder (who had taken over after NCLT proceedings) and assuming he raises a demand for the next instalment of payment, will I be able to use the Capital Gains account for the same and will there be any tax implications since it is more than 3 years from the date of deposit into the account since the builder has delayed the project by more than 7 years now.
Thank you for your support.
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