Form G Application for closing the account under the Capital Gains Accounts Scheme, 1988

Closure of Account:

1.      If a depositor desires to close his account, an application shall be made with the approval of the Assessing Officer who has jurisdiction over the depositor to the deposit office in Form G along with the pass book or receipt as the case may be and the deposit office shall pay the amount of balance including interest accrued, to the credit in the account of the depositor by means of crediting such amount to any bank account of the depositor;

2.      In the case of death of the depositor, if the nominee wants to close the account he shall make an application to the deposit office in Form H along with the pass book or receipt as the case may be, with the approval of the Assessing Officer who has jurisdiction over the deceased depositor and the deposit office shall pay the amount of balance including interest accrued to the credit in the account of the nominee;

3.      If no nomination exists the legal heir of the deceased shall make an application in Form H along with the pass book or receipt as the case may be, with the prior approval of the Assessing Officer who has jurisdiction over the deceased depositor and the deposit office shall pay the amount.   If more than one legal heir is there, the legal heir claiming may do so by producing the letter of disclaimer or letter of authorization from other legal heirs in his favor;

4.      The payment made by the deposit office to the depositor or the nominee or the legal heir shall constitute a full discharge to the deposit office of its liability in respect of the deposit.

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