News
November 21, 2025
Good news: Soon Capital Gains Account Scheme accounts can be closed online; Here’s how property sellers can benefit
Exciting news for property sellers! Starting April 1, 2027, you can now effortlessly close your Capital Gains Account Scheme accounts online. This fantastic update from the Central Board of Direct Taxes eliminates previous bottlenecks that required tedious in-person applications. Enjoy a hassle-free experience as you manage your tax exemptions for property sales right from your living room!
Property sellers, rejoice! The Central Board of Direct Taxes (CBDT) is bringing welcome changes to the way you manage your Capital Gains Account Scheme (CGAS) accounts. As of April 1, 2027, closing these accounts will become a completely online process, eliminating the need for cumbersome paperwork and in-person visits to banks.
This move is a significant step towards streamlining the process for individuals who sell property and wish to claim tax exemptions by investing the capital gains in specified avenues. Previously, closing a CGAS account often involved navigating a maze of bureaucratic procedures, leading to delays and frustration for many taxpayers. The requirement to physically submit applications and documentation created bottlenecks that could be time-consuming and inconvenient.
The new online facility promises a hassle-free experience. Property sellers can now initiate the account closure process from the comfort of their own homes, saving valuable time and resources. This digital transformation aligns with the government's broader push towards digitizing various financial processes and promoting ease of doing business.
So, how will property sellers benefit? The online closure facility will undoubtedly reduce the turnaround time for accessing funds held in the CGAS account. It will also minimize the potential for errors that can occur with manual processing. Furthermore, the transparency of the online system will allow sellers to track the status of their closure requests in real-time, providing greater peace of mind.
The Capital Gains Account Scheme is a vital tool for individuals seeking to defer capital gains tax liability arising from the sale of property. By depositing the sale proceeds into a CGAS account, sellers can utilize these funds to invest in a new property or other specified investments within a stipulated timeframe, thereby availing of tax exemptions. The digitization of the account closure process is a welcome and necessary upgrade, making the scheme more accessible and user-friendly for all. This positive change is expected to significantly improve the overall experience for property sellers looking to manage their tax obligations efficiently and effectively.
This move is a significant step towards streamlining the process for individuals who sell property and wish to claim tax exemptions by investing the capital gains in specified avenues. Previously, closing a CGAS account often involved navigating a maze of bureaucratic procedures, leading to delays and frustration for many taxpayers. The requirement to physically submit applications and documentation created bottlenecks that could be time-consuming and inconvenient.
The new online facility promises a hassle-free experience. Property sellers can now initiate the account closure process from the comfort of their own homes, saving valuable time and resources. This digital transformation aligns with the government's broader push towards digitizing various financial processes and promoting ease of doing business.
So, how will property sellers benefit? The online closure facility will undoubtedly reduce the turnaround time for accessing funds held in the CGAS account. It will also minimize the potential for errors that can occur with manual processing. Furthermore, the transparency of the online system will allow sellers to track the status of their closure requests in real-time, providing greater peace of mind.
The Capital Gains Account Scheme is a vital tool for individuals seeking to defer capital gains tax liability arising from the sale of property. By depositing the sale proceeds into a CGAS account, sellers can utilize these funds to invest in a new property or other specified investments within a stipulated timeframe, thereby availing of tax exemptions. The digitization of the account closure process is a welcome and necessary upgrade, making the scheme more accessible and user-friendly for all. This positive change is expected to significantly improve the overall experience for property sellers looking to manage their tax obligations efficiently and effectively.
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Business