Capital gain deposit withdrawals
This query is : Resolved
27 April 2022
Sir, what are the procedure to file Form C (withdrawal) and Form G (Closed) of closing of Capital Gain Deposit with Bank. Actually, we make application to Bank Officer or Assessing Officer?
CA R SEETHARAMAN
(Expert)
27 April 2022
Make application to the bank officer.
Practically, AO doesn't grant approval till the time all due taxes have been paid. I would suggest you fill FORM C for withdrawal of funds in order to pay taxes and then apply for closure. If the withdrawal is not allowed by the bank then ask the AO to instruct the bank to allow withdrawal for payment of tax, in case of funds not utilised and taxes payable.
Practically, AO doesn't grant approval till the time all due taxes have been paid. I would suggest you fill FORM C for withdrawal of funds in order to pay taxes and then apply for closure. If the withdrawal is not allowed by the bank then ask the AO to instruct the bank to allow withdrawal for payment of tax, in case of funds not utilised and taxes payable.
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