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Capital Gains Account

Deepanshu Garg (Student) (251 Points)

26 December 2020

- What is the procedure for closing capital gains account ?
- What forms and documents are required ?
- Do I have to personally go to jurisdictional officer or can it be done online ?
- How much time and fees, if any, is required ?
- What is the time limit within which I have to apply ?

Please tell any other necessary thing I should take care of or require to do ?

Thanks & Regards

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4 Replies

ayusmita (Tax consultant) (5885 Points)
Replied 26 December 2020

Capital gain account scheme 1988 you talking about that
then you need to file form G along with judiciary income tax officer approval

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Deepanshu Garg (Student) (251 Points)
Replied 26 December 2020

How and what to do to take income tax officer approval ?

ayusmita (Tax consultant) (5885 Points)
Replied 26 December 2020

You have to make an application in the form of form G which can be downloaded then take that form and other details of your account to the assessing officer for approval after utilities of your money

He will sign the form with other procedures and your account will close

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Nostradamus !! (154 Points)
Replied 27 December 2020

Assessing officer won't sign easily form G will ask you to provide complete details of property sold and subsequently property bought with a computation of capital gain Advice take photo copy of sale/purchase deed, capital gain account pass book & statement of account from transaction done etc etc (personal experience)

1 Like