Closer of Capital Gain Account Scheme, Income Tax

[Sneh Shah]

Hi

I have parked my money in Capital Gain Account Scheme. Now within a year I have purchased new flat & i want to utilize capital gain account money. Bank says that for closing an account you have to compulsory sign of Assessing Officer in Income Tax.

1) Is it true to have mandatory sign of the AO?

I want to verify here because some source says that if account is within 2 years of span then not required sign of AO officer. Some says its required only if you have balance money in account. you can partly withdraw all money then its not required.

2) Is it easy process to sign of the AO in income tax? what proof they required?

My CA went to AO but he saying how can he verify the documents whether builder is genuine or given allotment letter is not fake. So he denied to sign the same.

3) what steps i can take to get the sigh of Form G from AO officer?

Thanks

AI Summary

Closing Capital Gain Account Scheme Requires Assessing Officer Approval and Form G Submission for Both Type A and B Accounts. An individual inquired about closing a Capital Gain Account Scheme after purchasing a new flat. They were informed by the bank that the Assessing Officer's (AO) signature is mandatory for account closure. The individual sought clarification on whether this is true, as there is conflicting information regarding the necessity of the AO's signature. They also questioned the ease of obtaining the AO's signature and the required documentation. A respondent clarified that closing both Type A and Type B accounts requires the jurisdictional income tax officer's approval and submission of Form G.