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FORM G FOR CLOSURE OF CAPITAL GAIN ACCOUNT

This query is : Resolved 

18 January 2022 Good Morning. Last year in the month of August I sold my house in Nagpur for Rs.5900000.00 ( Rupees Fifty nine lacs only ). I paid 1% tax of Rs 59 lacs i.e Rs. 59000.00 vide my client. Received Rs 25000.00 as advance and balance of Rs 5816000.00 ( Fifty eight lac Sixteen thousand only ) in credited to my new Saving bank Capital gain Account A. On 11th October 2021 , I purchased a 2nd hand flat at Bangalore for Rs 58,00,000.00 ( Rupees Fifty eight lacs only ) + other taxes by transferring the amount from my Capital gain account. Now I am having a balance of Rs 16000.00 in my Capital gain account. I approached my Bank to close my account . But my Bank is demanding FORM G duly signed and stamped by Income tax department which has to be done through online. Can you guide me in this regard and provide me the correct site address. When the transaction of my Capital gain is completed within 3 months do I have to go through all the formalities

18 January 2022 Yes, you have to submit the form with the signature of jurisdiction AO.


https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.incometaxindia.gov.in/forms/capital%2520gains%2520accounts%2520scheme,%25201988/103120000000007959.pdf&ved=2ahUKEwjFn6Cu17v1AhVRT8AKHVruDYIQFnoECBwQAQ&usg=AOvVaw3Koo3RXb8djwXiw_fSraL8

19 January 2022 Thank you Sir for your guidance. What are the forms required to be submitted to Income tax department along with FORM G. Any specific Office / location where I should submit the Form G.

19 January 2022 Your jurisdiction AO it has to be submitted.
Submit capital gains working and utilisation.

19 January 2022 Thank you very much. Though I could not understand your technical advise. But it seems your efforts to resolve the issue was sincere.



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