Transfer of capital gain accounts from onebranch to other br

This query is : Resolved

Himanshu Sinha (Querist)
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13 September 2016 our customers uncle has a capital gain account at bank of baroda Byculla branch bombay.the unclehas expired
the cousin who is nominee in that account has requested the brigade road branch of bank of baroda to open a capital gain account.

i have 4 Question
1 can bank of baroda Brigade road branch open the capital Gain account of the nominee .
2 can the money be transfered from our byculla branch of bank of baroda to Brigade Road branch of BOB.
3 Whether any tax submission clearance will be asked from the nominee for the capital gain account maintained at BOB Byculla Branch.
4 can a bank open the account of capital gain with nil balance in anticipation of the fund will be transfered after settlement/ or mere transfer of fund will take place from Byculla Branch of bank of baroda.

pleaseexplain in full

Amol S Joglekar

Amol S Joglekar (Expert)
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13 September 2016 With the introduction of CORE banking, such query should NOT arise.
But at times, due to the illiteracy OR over literacy of clients, bank may come across with such situation.
The key factor in Capital Gain Account is that the Bank is in TRUSTEE kind of position in servicing the Capital Gain Account.
So any kind of "out of way" kind of such questions, the banker should ASK the said nominee to get the ORDER from the concerned Income Tax Officer

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