Capital Gain

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This query is : Resolved

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The user wants to close an SBI Capital Gains Account opened three years ago after using the funds to buy property. Despite submitting documents, the bank is requesting approval from the Assessing Officer (AO) to withdraw the accrued interest. Another user clarified that AO approval is not required for withdrawing interest but is mandatory for closing the account and getting the balance amount back.

Umesh Hosallaiah

Umesh Hosallaiah (Querist)
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21 October 2020 I want to close Capital Gain account opened 3 yrs back in SBI , i have used the amount buying property within 3 yrs & submitted the relevant documents to bank also now bank is asking to get approval from concerned AO- IT , is it mandatory to take approval from AO to withdraw my interest accrued amount.
Please anyone guide me with this regard