Question And Answer
Subject: capital gain
Querist: Prakash
Answered by:
Tags: ,
Date: August 16, 2023
Query asked by Prakash

Assessee is an individual . he has purchase the plot in the year  2002    for Rs.  6 lakhs  in the name of the wife and sold the same on 5.04.2017 for Rs. 66 lakh .  The sale proceeds were  kept   in the capital gain account scheme in the name of wife . Assessee due to bad heath is expired on 17.10.2022  when he was of 71 years of age . The widow and three married daughters the  of the assessee had no knowledge of this bank account and they came to know this in the month of July 2023. when they approach the bank , bank officer is asking the Noc from Income tax officer.

what is the legal remedy to the assessee  in this situation . pl guide

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Answer given by

One has to find out capital gains on sale of the plot of land . It seems the amount is in the designated account for more than three years . One has to study the scheme in which the amount was deposited . On the expiry of three years the assessee should have filed the return of income showing the capital gains tax . Once the tax is paid the Bank has to allow the amount to be with drawn . The aassessee can file the belated return , request for waiver of interest on payment of tax . The CBDT can condone the delay and can also waive the interest . In case the Bank is refusing the withdraw the amount in spite of paying tax . The assessee can file writ petition before High Court . Refer Rashesh Shrirish Sanjanwala v .ACIT (2022) 441 ITR 374 ( Guj)( HC). One has to study the facts , hence it may be desirable to approach the tax consultant with complete details .

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