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Capital gain account money

07 February 2021

Does approval from income tax authority is required for closure of capital gain account maintained with bank if entire money is utilized in purchase of another property?

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CA. Sourav Sarkar (Chartered Accountant ) (24588 Points)
Replied 08 February 2021

Closure of capital gains account requires approval from jurisdictional income tax officer. Form G is required to be submitted for the closure of account along with jurisdictional income tax officer’s approval.
Form H shall be submitted for closure of account by nominee/legal heir of deceased depositor in the absence of nominee.