Form G for capital gain account closure

Save Share

This query is : Resolved

Raghav Kapoor (Querist)

11 August 2025 Hi, my father sold his property in Nov'23, this property was located in Meerut, UP. He migrated to Mumbai. He deposited the capital gains in capital gains account with PNB at Mumbai in Jul'24 (before filing the income tax). He showed the deposit of CG and exemption from LTCG in ITR-2 under section 54 with filing of AY24-25.

We purchased a new property in Mumbai in Sep'24 (in joint names of me, my father and my wife) and utilized all the deposited capital gains at PNB.

I have following queries if someone can help me with -

1. How do we show this purchase and utilization of capital gains in ITR filing of AY25-26
2. Bank is asking us for FORM -G signed by AO for capital gain account closure. My father's AO is still showing in Meerut as per IT website while his address in PAN, Aadhar has been changed to Mumbai. Do we need to go to Meerut to get the form-g signed or do we need to change the jurisdiction first? I believe changing the jurisdiction is extremely cumbersome process, Is there an alternate way to do this compliance and close the loop?
3. Is there a deadline to close the capital gain account with bank after purchase of property?

I'd be grateful for the answers. Thanks.

Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)

13 August 2025 Query Answer
1. Show in AY25–26? Not mandatory. Report interest if any. Can optionally mention utilization.
2. Form G AO? Get Form G signed by AO in Meerut (jurisdiction unchanged). No need to change AO for this purpose.
3. Deadline for closure? No statutory deadline, but advisable to close it soon after utilization.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now