How to close the account opened under Capital Gain Deposit Account Scheme (CGDAS)?

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How to close the account opened under Capital Gain Deposit Account Scheme (CGDAS)?

 

Query]

I have deposited the amount of capital gain in  How to close Capital Gain Deposit Account Scheme (CGDAS).  How to close Capital Gain Deposit Account Scheme (CGDAS)? I have not utilized the amount for investment in another house property. [KL]

Opinion: 

  1. Rule 13 of Capital Gain Account Scheme1988 provides for mechanism for closure of capital gain account.
  2. Depositor has to file an application in Form-G along with the passbook of account-A or deposit receipt of account-B, as the case may be, to the deposit office with the prior approval of the Assessing Officer who has jurisdiction over the depositor.
  3. In case depositor is an eligible company as referred to in section 54GB, then for closure of capital gain account, it shall be required to make a joint application in Form G along with the passbook of account-A or deposit receipt of account-B, as the case may be, to the deposit office signed by the eligible assessee as referred to in section 54GB with the prior approval of the Assessing Officer having jurisdiction over the eligible assessee as referred to in section 54GB.
  4. Deposit office shall make the payment of the amount in the account of depositor including the amount of interest accrued by crediting such amount to any bank account of the depositor. In case the amount is not utilized for purchase/construction of another house property, the AO will order the bank to pay the amount to the assessee after payment of Capital gain tax on behalf of assessee to the Government Treasury.
  5. In case of deceased depositor where nomination is made then nominee may file an application for the closure of account in Form-H along with the passbook of account-A or deposit receipt of account-B, as the case may be, to the deposit office with the prior approval of jurisdictional Assessing Officer of the deceased depositor. Deposit office shall make the payment of the amount in the account of the deceased depositor, including the amount of interest accrued by crediting such amount to any bank account of the nominee.
  6. In case of deceased depositor where nomination is not made then a legal heir may file an application for the closure of account in Form-H along with the passbook of account-A or deposit receipt of account-B, as the case may be, to the deposit office with the prior approval of jurisdictional Assessing Officer of the deceased depositor. In case there are more than one legal heir of the deceased depositor, the legal heir making the claim individually can do so by providing the letter of authorization from other legal heirs in his favour. Assessing Officer before granting the approval for the closure of account 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, 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.
  7. Deposit office shall make the payment of the amount in the account of the deceased depositor, including the amount of interest accrued by crediting such amount to any bank account of the nominee.

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