Regarding the closing of cgas account in the bank.

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Krishna Prasanna (Querist)
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22 September 2014 One of our clients have sold off his old house (claimed sec.54) and deposited Rs.11,88,000 in the CGAS A/c on 3rd Dec.2012. Now he is going to purchase a house and the balance in his a/c is about Rs.13,50,000.

The bank has not deducted TDS on the interest accrued,is it necessary for him to pay the TDS amount to the Govt.?

The client is going to purchase a house and he is going to utilise about Rs.13,10,000 for purchasing the house and the bank authorities are telling that RS.13,10,000 amount will be granted and the account cannot be closed?What procedure shall I follow to withdraw the remaining Rs.40,000 in order to close the account?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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22 September 2014 you need to take AO's approval for closure of the account. You need to submit Form G to the bank approved by the AO.

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Krishna Prasanna

Krishna Prasanna (Querist)
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23 September 2014 Could you please tell me what shall I do in this case when bank didn't deduct TDS for the interest accrued and the client is non-assessee?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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24 September 2014 as I said earlier, you need to get AO's approval. If there is no potential tax liability, AO will give you approval to that effect.

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