As a finance expert, let me first tell you about the capital gains account scheme. A tax exemption on the amount or net consideration placed in the bank on or before the deadline for filing income tax returns is what the Capital Gains Account Scheme provides to taxpayers. However, if you want to close your capital gains account, you may require approval from a jurisdictional income tax officer.
To close a Capital Gains Account in India, you can follow these steps:
Approach the bank where your account is held and complete Form G, requesting closure.
Attach the required documents and the account passbook.
The bank will verify the documents and process the request. If funds remain unutilised, the bank may require clearance from the Income Tax Officer.
The remaining amount is disbursed as per tax laws after deductions, if applicable.
To get the detailed process, you can check:
How to close capital gains account?
For Tax Related Queries and Assessments Consult Experts at NoBroker
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What is the Process for Closure of My Capital Gains Account?
Sanjay Sinha
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2025-01-20T12:29:59+00:00 2025-01-23T09:44:55+00:00Comment
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