Capital gain

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harinder arora (Querist)
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03 March 2014 a person earned LTCG and Put the money in CGAS. He pay the instalments in the next three years to a builder for flat under construction out of his other savings etc.equal to the capital gain earned.
He fulfill the terms of I/tax to pay the money for construction of flat within 3 years.What is the proceedure to close the account and withdraw the money.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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03 March 2014 Arora Ji.

you need to approach the AO to sign Form G before you can close this account.

https://www.fintotal.com/0803/upload/Form%20G%20%28closing%20capital%20gains%20accounts%29.pdf

get AO to sign this. and then you can transfer balance from CGAS to a normal saving bank a/c.

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