Closure of Capital Gains Account Scheme account

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This query is : Resolved

Abhijit Kolte (Querist)

30 October 2019 I had opened a Capital Gain Account Scheme account in jul 2015. ITR2 was filed and exemption availed under section 54. The entire amount from the account was utilised to build a house within the stipulated 3 years. I filed ITR1 in july 2018 which was accepted by the IT dept. However, I failed to close the account. The Capital Gains Account Scheme account is still open with a nominal amount in it.

What is the last date to close this account?
If I approach the AO now for the closure of this account, will there be any penalty?
Does failure to close the account mean that I could lose the exemption under section 54?

Punit Gupta

Punit Gupta (Expert)

31 October 2019 Dear Abhijit,
You should approach the concerned AO, with the account statement to that effect, of such account with whatever nominal amount is leftover in it. And accordingly the account shall be closed asap, though there is no such provision of revocation of exemption already granted under Sec 54. still you should close the said account as per process.
Hope this clears your query.
Regards:

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