About capital gain account

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Piyush Telang (Querist)
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04 November 2017 Is it necessary to close the capital gain account after 3 years of locking period, what will happen if I don't close that account, is the money freeze or is it converted to regular saving bank account ?

CA Ysil Karunai

CA Ysil Karunai (Expert)
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04 November 2017 The capital gain account scheme is like a escrow account. After 3 years if, the money was not utilised for specified purposes, you have to pay capital gain tax in which you have claimed exemption for deposit in the scheme. The account will not be closed or freezed & very much you can use your money, also it will not be automatically converted into saving account.

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Piyush Telang

Piyush Telang (Querist)
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04 November 2017 thank you sir for your advise.

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Piyush Telang

Piyush Telang (Querist)
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04 November 2017 sir one more thing if the account continues than how will I withdraw money as there is no cheque book issued from bank and what will be the interest on remaining amount in that account ?

CA Ysil Karunai

CA Ysil Karunai (Expert)
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04 November 2017 Just give a request letter for closure of account. The banker may assist you. However, they may insist you to provide a proof regarding payment of capital gain tax or letter from ITO for no tax dues etc.,

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