FORM-G SUBMISSION

Form G is the standard document under the Capital Gains Accounts Scheme (CGAS), 1988 for a depositor to apply for the closure of their capital gains deposit account at their bank.

Key Details About Form G:

• Purpose: It is used to officially request the closure of an account (either Type A/Savings or Type B/Term Deposit) once the funds have been utilized for the intended purpose (e.g., purchasing or constructing a new residential property) or if the account holder chooses to close it.

• Submission: The form is submitted to the branch of the authorized bank where the Capital Gains Account is maintained.

• Process:

  • The depositor must provide details of the account(s) to be closed, such as the account number and passbook/deposit receipt details.

  • The applicant must sign the form (or provide a thumb impression). If acting on behalf of a minor, firm, company, or HUF, the guardian, authorized officer, or Karta must sign accordingly.

  • In many cases, an approval or certificate from the jurisdictional Assessing Officer (Income Tax Department) may be required to confirm the tax compliance before the bank releases the final balance.