Closuer of long term capital gain account
This query is : Resolved
MANJU JAIN
(Querist)
22 February 2023
1. Sold plot on 15-04-2021
2. Capital gain amount deposited in bank on 23-09-2021
3. Utilized full amount less than two years, balance is zero as on date
Ques:
1. Is it necessary to close the account with the approval of AO
2. What are document to be submitted with Form G for approval by AO
2. Capital gain amount deposited in bank on 23-09-2021
3. Utilized full amount less than two years, balance is zero as on date
Ques:
1. Is it necessary to close the account with the approval of AO
2. What are document to be submitted with Form G for approval by AO
Dhirajlal Rambhia
(Expert)
22 February 2023
1. Yes.
2. As per Rule 13 of Capital Gain Account Scheme 1988, in case of closure of capital gain account, a depositor is required to file an application in Form-G along with the passbook of account-A or deposit receipt of account-B, as the case may be, to the deposit office with the prior approval of the Assessing Officer who has jurisdiction over the depositor.
2. As per Rule 13 of Capital Gain Account Scheme 1988, in case of closure of capital gain account, a depositor is required to file an application in Form-G along with the passbook of account-A or deposit receipt of account-B, as the case may be, to the deposit office with the prior approval of the Assessing Officer who has jurisdiction over the depositor.
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