Taxpayee had opened capital gain account after the sale of immovable property and the amount deposited in the account has been used by assessee for the property under construction. Taxpayee have been told by bank to get the application of closing account signed by the IT department of concerned circle. Thus the CBDT Notification No. GSR 724(E) dated 22/06/1988 contains the salient features of Capital Gain Accounts Scheme-1988. Under Rule 13 of the said scheme, the account can be closed by submitting an application in Form G to the bank. The Form G needs to be approved by the concerned Assessing Officer of the Assessee. Without approval of the Assessing Officer, bank will not be able to close the account. You may please further represent before your Assessing Officer with the copy of the Scheme as mentioned above.
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