Withdraw capital gain

Hi,

Hope you are doing well !

The Bank will give the Form G to the you. You would be required to mention all relevant details in Form G, get the approval of the income tax officer in the Form G and then submit this form to the Bank.

Bank WILL NOT allow you to withdraw any money from Capital Gain account without approval of Income Tax assessing officer signature on the Form G.

Now you can pay Capital Gain tax from these funds released from your Capital Gain Account and submit tax challan to bank. After receiving tax challan for Capital Gain paid to income tax dept, bank can release the amount from Capital Gain Account and close the Capital Gain Account.

The Long term capital gain tax applicable on this is 20%, plus 4% cess on the 20% tax amount.

Thanks & Regards,

Payal Chhajed

I don't think they will ask any question from you before withdrawing it.

Yes you will be required to pay advance tax if your total tax liability is more than 10000.

You need to pay the tax equal to the amount which you claimed as exemption while filing return of income.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you.

Hi,

As per my understanding, AO from Bangalore, Karnataka should sign the form.

Hi,

The Bank will give you the Form G for withdrawal from Capital Gains Account

You first get is signed from the assessing officer then withdraw the amount.

PAN card area officer.

You need to contact assessing officer of the area where your PAN card is registered.

Hi,

- Bank will provide Form G for the closure of capital gain account. You need to get it signed and approved by the jurisdictional AO which is as per the address mentioned in the PAN card. Submit approved Form G along with tax challan to the banker who then will allow you to close and withdraw the amount.

Thanks

Hi,

The Bank will provide you with Form G for the closure of capital gain account. It needs to be signed and approved by the jurisdictional AO . Once you submit the approved Form G to the banker they will allow you to close and withdraw the amount. You will need to pay long term capital gains tax on the amount not utilised.

Regards,

Nikhil.

The AO officer from Bangalore will authorise

You will have to co-ordinate with Bangalore assessing officer.