Hi,
I believe you want to know about the process of closing a capital gains account. Only individuals and Hindu United Families (HUF) are permitted to open a Capital Gains Account, and no loans may be taken out using this account as collateral. You can designate someone to receive money upon your death using Form E, and you can modify your nominee using Form F. You will require the permission of the income tax officer under whose jurisdiction you fall in order to shut the account. In order to get the benefits under Sections 54, 54EC, and 54F, you must also use the money deposited in your capital gains account within 2 years of the sale of your property. If not, the remaining funds will be subject to capital gains tax in the fiscal year after the deadline.
You can go through the following answer to understand the process in more detail.
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My son deposited the amount in SBI as the capital gain account which was not at all a gain after selling the property( flat). Now it is over 3 years and he wants to close the account. How to close it?
Shsnta Shstri
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2023-02-13T09:43:23+00:00 2023-02-13T10:18:29+00:00Comment
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