Form G for capital gain account closure
This query is : Resolved
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.
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.
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.
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
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- House Property Reporting in ITR
- TDS Claim year
- Liable to deduct tds and 44ADA
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Rent lease agreement
- Entries in AIS regarding sale of units and shares
- SGST balance is there in credit ledger how to adjust for cgst
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
