When you deposit your capital gains into a Capital Gains Account Scheme (CGAS) to claim an exemption under sections like 54, 54F, or 54EC, you may later need to withdraw funds from this account when you actually make the required investment.

Key Point:
There is no distinct, numbered form prescribed in the Income Tax Act specifically for the withdrawal of funds from a Capital Gains Account. Instead, the process is carried out online.

How It Works:

• Online Application:
  You are required to log in to the official Income Tax e-filing portal where the Capital Gains Account Scheme is managed.

  • Within this online module, you will find an option to submit a withdrawal request.

  • You need to furnish the necessary details, such as the amount you intend to withdraw and the purpose of the withdrawal (for example, for acquiring a new asset to claim an exemption).

• Supporting Documents:
  Along with your online request, you must upload or submit the relevant documents, such as evidence of the intended investment. This ensures that the withdrawal is used in accordance with the provisions of the Act.

• Approval Process:
  Once your request is submitted, the authorities will process it. On approval, the funds will be released from the Capital Gains Account and can be used to make the qualifying investment.

Bottom Line:

There isn’t a separate “Form 10D” or similar for withdrawing funds. Instead, you complete a withdrawal application through the online Capital Gains Account Scheme portal on the Income Tax e-filing website. This streamlined process is designed to facilitate the smooth utilization of your capital gains for eligible investments.