If you’re managing Long-Term Capital Gains (LTCG) and need to apply for Form G, understanding the required documentation is crucial. This guide will help you prepare your submission efficiently, ensuring a smooth process with your bank or the designated authority.

What is Form G?

Form G is used to withdraw or transfer funds from a Capital Gains Account Scheme (CGAS). It plays a vital role in ensuring compliance with income tax rules while utilizing funds from your LTCG account for eligible purposes like property purchases.

Key Documents Required for Form G Application

To successfully process your Form G, make sure you have the following:

1. Certified Copy of the Purchase & Sale Deed
   • These documents validate the property transactions tied to your LTCG.
2. LTCG Computation
   • A detailed calculation of the gains from the sale transaction. Ensure accuracy to avoid discrepancies.
3. ITR Copies for Purchase & Sale Years
   • Include your Income Tax Returns for the financial years related to the property purchase and sale.
4. Bank Statements for Both Transactions
   • Statements showing the credit and debit transactions of the purchase and sale amounts.
5. Valuation Report (if applicable)
   • If any valuation adjustments were made, include the certified report to substantiate the claim.
6. Proof of Additions/Improvements (if any)
   • If you’ve made significant improvements to the property, provide valid receipts and documents.
7. Power of Attorney for Authorized Representative
   • If you’re authorizing someone else to act on your behalf, submit a notarized power of attorney.

Why is Submitting the Right Documents Important?

Proper documentation ensures:

• Faster processing of your Form G application.
• Compliance with income tax rules.
• Avoidance of penalties for misuse of CGAS funds.

Pro Tips for a Smooth Application

• Double-check document authenticity and completeness.
• Consult with a tax advisor if you’re unsure about LTCG computation.
• Ensure all photocopies are self-attested before submission.

Conclusion                    

Submitting Form G for your LTCG account doesn’t have to be complicated. With the correct documents in place, you can expedite the process and focus on your financial goals.

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FAQs (Frequently Asked Questions)