About capital gain account
This query is : Resolved
10 November 2017
what happens if I do not close my capital gain account after 3 years, Is the money freeze or it will be converted in saving bank account, or there will be any notice comes from bank or income tax department for closing of account.
10 November 2017
the balance in the account will become taxable as LTCG in the year in which 3 years is completed. You shall be free to withdraw the amount thereafter.
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11 November 2017
Thanks sir for your advice
11 November 2017
sir how will I withdraw money as no cheque book is provided...
11 November 2017
1. To pay the capital gains tax.
2. File the income tax return.
3. Obtain approval letter from Income tax officer to close the deposit made under
Capital Gains Accounts Scheme,1988.
4. File form G in the bank to close the account and withdraw the money so
deposited.
2. File the income tax return.
3. Obtain approval letter from Income tax officer to close the deposit made under
Capital Gains Accounts Scheme,1988.
4. File form G in the bank to close the account and withdraw the money so
deposited.
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