amount withdrawn from capital gain account scheme requires permission from the ITO under part A amount
1 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(195722 Points)
Replied 19 July 2025
For the first withdrawal from a Type A account, you must submit Form C to the bank. For each subsequent withdrawal, you need to submit Form D, indicating the manner in which previous withdrawals were utilized.
Specific permission from the ITO/AO (such as through Form G) is typically required when you wish to close the account and withdraw the remaining balance without utilising it for the specified purpose. In such event, the unutilised amount becomes taxable as capital gains. This requires you to inform the AO, pay the necessary taxes, and obtain an NOC (No Objection Certificate) or permission for account closure.
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