Tax Implications on Capital Gains Account Funds not used within 3 years (Builder delay)


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  • Official comment
    Team Quicko


    If the amount deposited in the Capital Gains Account Scheme (CGAS) is not utilized within the time limit mentioned, then it will be treated as income of the last year in which 3 years expire. Since you would have claimed the exemption for capital gains by depositing it in the CGAS.

    The amount will be taxed as capital gains income. And the interest amount will be taxed under the head Income from Other Sources if not taxed earlier. 

    You should connect with your bank the retrieve the funds from the capital gains accounts scheme. You can either use Form C for the first withdrawal or Form D for subsequent withdrawals.

    Hope this helps :)

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