Regarding Withdrawal of unused amount in Capital Gain account scheme

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This discussion clarifies the procedure for withdrawing unused amounts from a Capital Gains Account Scheme (CGAS). It explains that Form G needs to be filled out with account and personal details. Crucially, approval from your jurisdictional Income Tax Assessing Officer (AO) is required before submitting the form and supporting documents to your deposit bank.

Jaswinder singh

Jaswinder singh (Querist)
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13 August 2025 Respected Colleagues,
One of my client wants to withdraw the left amount unused in CGAS, So wanted to know the procedure and how to file Form G and "Is Form G addressed to Income tax dept or to Bank''
Please guide and provide suitable attachments or format.....

Regards

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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13 August 2025 Download Form G from an authorized source, such as the Income Tax Department website, or procure it from your deposit office.

Fill in all details required in Form G, including your account information (Account-A number/passbook, or Account-B number/deposit receipt), personal details, and reasons for closure.

Seek Approval from Assessing Officer (AO)
You must obtain the approval of your jurisdictional Income Tax Assessing Officer:

Submit the completed Form G to the AO and request a written approval or an authority letter for closure.

The AO may verify whether all prescribed conditions (including payment of capital gains tax, if applicable) have been met.

Present the following at your deposit branch:
Duly filled and AO-approved Form G
Your passbook (for Account-A) or deposit receipt (for Account-B)
The authority letter/consent from your AO.

Jaswinder singh

Jaswinder singh (Querist)
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13 August 2025 OK Sir Thanks a lot.....

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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13 August 2025 You are welcome..

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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23 September 2025 Good luck....

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