I sold my flat. I have open new capital gain account and kept 50 lakh rupees in it. After 9 months I need to purchase new flat. Actually my capital gain amount was 25 lakh only, but I kept all amount after sale of flat i.e. 50 Lakh. Now for new flat booking I need 5 lakh for booking amount + 3 Lakh Stamp duty + 4 Lakh GST = 12 Lakh.
Builder said he will give the 'Demand Letter' only after deposit of ₹ 12 Lakh. Bank said they will not issue any cheque without Demand letter from builder. So I am not able to use the money kept in capital gain account.
How can I book the flat ?
Individual Faces Dilemma as Bank Refuses Funds Without Builder's Demand Letter for New Flat Purchase An individual sold a flat and deposited 50 lakh rupees into a capital gain account, though the actual capital gain was 25 lakh. They intend to purchase a new flat and need 12 lakh for booking, stamp duty, and GST. However, the builder requires a demand letter before the bank will release funds, creating a dilemma as the bank refuses to issue a cheque without it. A respondent criticized the builder's stance, highlighting the illogical requirement of depositing money without a demand letter, as it would be considered an advance deposit. (AI Summary)
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