Capital gain[ tax] account

Save Share

This query is : Resolved

Quick Summary

This discussion concerns closing a Capital Gains Tax Account opened in 2015 with SBI after selling ancestral village land. The user is seeking advice on whether Income Tax Officer (ITO) approval is required to close the account and if simply paying the 20% tax is sufficient. It's advised to verify if the sale of village land is exempt from capital gains tax before making any tax payments.

kuldeep singh badwal

kuldeep singh badwal (Querist)
Follow

22 February 2022 dear sir
we sold ancestral land in village.i got 67505/ as share , deposited in capital gain account scheme in SBI in 2015 dec.for 3 years as FD .it was not encashed by the bank IN 2018 ,hence again continued for 3 years as FD.Now i got it as savings account type A. I HAVE TAKEN OUT 25 000/ on 1/1/22.i want to close the capital gain account in SBI.i am depositing 20% tax to close the account.will it need ITO APPROVAL .OR JUST TAX 20% RECEIPT IS ENOUGH FOR SBI to close it.ITO APPROVAL IS MUST OR NOT.PLEASE ADVISE SIR .THANKS