One of my client has opened a CGAS Account and unfortunately he passed away, now legal heirs want to withdraw tha whole amount which is in union bank of india. Can anyone make me know the process of withdrawl and and what legal consequences can happen on this?
Thanks in Advance
First ascertain thereason for opening the CGAS account. If the time limit for investment in 54 etc sections is past then you can present the proofof investment and file form H of CGAS scheme with the bank and ask them to release the amount to legal heirs or convert asordinary account. If the time limit is not over, and you do not wish to avail the exemption claimed by investing in specified asset then furnish proof of payment of tax and the sameForm H and file with bank. Form His attached
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