Capital gain account

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This query is : Resolved

Piyush Telang (Querist)

06 October 2017 Sir, I have opened an capital gain account in 2014, as December 2017 is the closing date of my account. I have partially invested the amount in property and bonds, still I have balance in that account. So should I close the account or I can continue with it, is there any notice from bank will come to close that account or from IT department and also can I pay the tax which is liable on that amount from the same capital gain account. Plz do reply of my query.

thanxs.

Dr. Piyush Telang

Amol S Joglekar

Amol S Joglekar (Expert)

06 October 2017 you have to inform the income tax department for the closure of the capital gain account.

https://www.incometaxindia.gov.in/forms/capital%20gains%20accounts%20scheme,%201988/103120000000007959.pdf

Piyush Telang

Piyush Telang (Querist)

06 October 2017 ok sir, but can I pay the liable tax from my capital gain account ?

Amol S Joglekar

Amol S Joglekar (Expert)

06 October 2017 As such, you should pay it once account is closed.
But considering the level of knowledge of the person in the chair, you may be able to pay the tax from this account as well. Try your luck.

Piyush Telang

Piyush Telang (Querist)

06 October 2017 thank you sir. I will try.

Amol S Joglekar

Amol S Joglekar (Expert)

06 October 2017 you are most welcome.....

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