Capitai Gains Deposit withraval

This query is : Resolved

pamidi venkateswarlu (Querist)
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02 March 2023 Received capital gains in Jan 2019.
Deposited in Capital Gains in IOB in Feb.
Paid tax on the capital gains in the same FY and Assessment year 2020-21. IT Returns filed, verified and got Back.
CG Deposit continued based on the understanding that it can be utilized on maturity.
CG Deposit Matured in Feb 2023.
Even though tax paid and refund filed and accepted, IOB asking for Assessment officer Certificate, even after submitting Auditors certificate, that the CG Tax is paid in the same FY and tax exemption not paid.
Please clarify on the need for getting assessment officer certificate , for the tax paid and returns filed CD.
Pamidi Venkateswara
9573965666
pamidivlu@gmail.com

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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02 March 2023 Bank will not close the account until ITO certifies the withdrawal. Get NOC from ITO.
As per Rule 13 of Capital Gain Account Scheme 1988, in case of closure of capital gain account, a depositor is required to file an application in Form-G along with the passbook of account-A or deposit receipt of account-B, as the case may be, to the deposit office with the prior approval of the Assessing Officer who has jurisdiction over the depositor.

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