Closure of Capital Gain Account by Mistake

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  1. Nitin kumar verma

    Nitin kumar verma New Member

    Sir we need your help reg capital gain account

    One capital gain account opened on Aug 2013 and 73 lac deposited in this account , party withdraw full amount in parts as on Aug 2015 , and in capital gain account only 6050 rs left , on sep 2016 party withdraw 5000 cash and next day request to close account and officer closed account without knowing that it is capital gain account .
    Please tell what is draw back and what situation arises after that
     
  2. V K Khanna

    V K Khanna Active Member

    Any amount withdrawn from the capital gains account without the approval of the jurisdiction AO will be liable to capital gains tax.
     
  3. Nitin kumar verma

    Nitin kumar verma New Member

    Who liable to capital gain tax, account holder or officer
     
  4. Nitin kumar verma

    Nitin kumar verma New Member

    Who liable to capital gain tax, account holder or officer and which amount 73 lac or 6050
     
  5. Karan Batra

    Karan Batra Well-Known Member

    The account holder has to pay the Capital Gains Tax as he didnt use the money for the specified purpose
     
    Nitin kumar verma likes this.
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