There is a set procedure for closing the account opened under Capital Gain Deposit account scheme-1988. Rule 13 deals with the closure of account. The same is reproduce here under for the benefit of all.
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Closure of the account.
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(1) If a depositor desires to close his account, an application shall be make with the approval of the Assessing Officer who has jurisdiction over the depositor to the deposit office in Form G or as near thereto as possible,
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and the deposit office shall pay the amount of balance including interest accrue, to the credit in the account of the depositor by means of crediting such amount to any bank account of the depositor.
(2) a depositor in respect of whose deposit account a nomination is in force, dies, the nominee, if he desires to close the account or accounts and obtain the payment of the balance standing to the credit in the account of the deceased depositor,
shall make an application to the deposit office in Form H or as near thereto as possible with the approval of the Assessing Officer who has jurisdiction over the deceased depositor, and the deposit office shall pay the amount of balance standing to the credit in the account of the deceased depositor including amount of interest accrued, by means of crediting such amount to any bank account of the nominee.
(3) If a depositor, in respect of whose deposit no nomination is in force, the legal heir of the deceased depositor shall make an application to the deposit office in Form H or as near thereto as possible, with the approval of the Assessing Officer who has jurisdiction over the deceased depositor,
and the deposit office shall pay the balance standing to the credit in the account of the deceased depositor including the amount of interest accrued, by means of crediting such amount to any bank account of the legal heir :
Provided that where there are more than one legal heir of the deceased depositor, the legal heir making the claim individually may do so by producing the letter of disclaimer or letter of authorisation from other legal heirs in his favour :
Provided further that before granting the approval for closure of the account under this sub-paragraph, the Assessing Officer shall obtain from the legal heir a succession certificate issued under Part V of the Indian Succession Act, 1925, or a probate of the will of the deceased depositor, CGDAS
if any, or letter of administration to the estate of the deceased in case there is no will in order to verify the claim of such legal heir to the account of the deceased depositor.
(4) The depositor or the nominee or the legal heir, in order to obtain payment of the amount standing to the credit in the account shall while applying in Form G or Form H, also submit the pass book of account-A or deposit receipt of account-B, as the case may be, to the deposit office.
(5) The payment made by the deposit office to the depositor or the nominee or the legal heir in accordance with the provisions of this paragraph shall constitute a full discharge to the deposit office of its liability in respect of the deposit.
(6) Nothing contain in this paragraph or in paragraph 11 shall affect the right or claim which any person may have against the person to whom any payment is make under this paragraph.
CGDAS
FORM G OF THE SCHEME IS AS UNDER:
FORM G
[See sub-paragraph (1) of paragraph 13]
(To be submitted by the depositor)
[Name of the Deposit Office] Serial No .
Application for closing the account under the Capital Gains Accounts Scheme, 1988 by the depositor
To
The Manager
[Name and address of the Deposit Office]
I, ____________________[Name of the * Depositor/ * Applicant], son of _____________
residing at ___________________[Address of the * applicant/ * depositor]
hereby apply in terms of sub-paragraph (1) of paragraph 13 of the Scheme, to close the * account/ * accounts mentioned below, which * is/ * are maintained, with your office in * my name/ * in the name of _____________ [Name and address of the depositor]
2. Details of Account/Accounts :
(i) Account-A No Pass book No _________(ii) Account-B _________
No Deposit Receipt No. ._______
3. I tender herewith the * Pass book/ * Deposit Receipt mentioned hereinabove.
4. The application is made by me as guardian on behalf of aforesaid depositor who is a minor and whose date of birth is________ .
5. The application is made by me as authorised officer of the aforesaid depositor, the * firm
/ * company/association of persons/body of individuals .
6. The application is made by me as karta of the aforesaid depositor a Hindu
undivided Family
* Signature/Thumb impression of the Depositor/
the Guardian/Karta/Authorised Officer of the
Depositor
Date .
Place : .
Additional specimen
APPROVED
[Signature (with date) and stamp of Assessing Officer having jurisdiction]
FOR THE USE OF DEPOSIT OFFICE
(Details of * Account/ * Accounts closed and total amount paid may be recorded)
Date .
Officer-in-charge
Notes:
1. *Delete whatever is not applicable.
2. Columns 4, 5, 6 pertain to deposit made on behalf of a minor, firm, company, association of persons, body of individuals, a Hindu undivided family. Hence, in case of individual depositor, these columns may be score out. In other cases, only one respective column may be retaine and the remaining two may be
score out.
CGDAS