Capital Gain Accounts Scheme 1988 is applicable to eligible taxpayers who wish to claim exemption u/s 54 for capital gain .
Non Rural Branches (i.e. All Semi Urban/Urban/Metro Branches
Account ‘A’ (Savings Bank) Account ‘B’ (Term Deposit cumulative/ non-cumulative) (Savings Plus Scheme not permitted)
Form – A (in duplicate) + Proof of Address + Copy of PAN Card + Photograph + unstamped HUF Letter in case of account is for HUF (non-trading)
Account ‘A’ – Applicable to SB Accounts Account ‘B’ – As per Bank’s TDR Rates.
For subsequent withdrawal form ‘D’ (in duplicate) by giving the details showing the manner/ purpose for which the previous withdrawal has been utilized Banks are not obliged to allow further withdrawal if above referred particulars are not furnished.
Any withdrawal over Rs.25,000/- should be affected by Bank, only by crossed DD.
Amount drawn from Account ‘A’ has to be utilized within 60 days from the date of such withdrawal for the purpose mentioned in the relevant sections. Unutilized amount should be re-deposited in Account ‘A’ immediately. Non-compliance of this rule will render the depositor to lose exemptions under relevant section.