capital gain account

Yes, for any balance lying in the account after 3 years....

Is this closure compulsory or voluntary( as per our wish) as per income tax law

The balance amount left in the account must be offered to tax under capital gains head, alongwith interest earned under IFOS..... rest part voluntary.

suppose I have utilised the said Amount as per law .i am having only 10000 in capital gain account. Now my question is .is it compulsory to close that account or its on my wish

Closure is mandatory, but you can extend it by time period for any specific reason/s .. say for deposit of new Capital gains proceeds.... etc..

please confirm the same in the following case:

25 lakh opened capital gain account in bank . Interest 80 thousands received. Utilizing 25 lakh and 70 thousands from account for purchasing new property in SPECIFIED 2 YEARS TIME. Balance 10000 in capital gain account now. My querry is closure of same capital gain account is compulsory or it is on my wish as per income tax law.

Please inform me for this full fledged scenario.
Thanks.

As per income tax laws you have fully utilized the money parked for long term capital gains exemption. No more compliance pending.

But here RBI and Bank's own formalities are required to be completed. Bank may not keep your inactive account open for ever. Check their rules and regulations (differs for each bank) over such special catagory account.

Thank you so much sir 😊
it has cleared all my doubts...
thank you very much for the efforts and the time you have devoted towards it..!!

It is my pleasure, Dear....