Capital gain a/c
This query is : Resolved
21 February 2012
Dear sir,
My query is that, whether it is necessary to open a capital gain a/c to deposit consideration amount after the sale of a property till the purchase of new property or the assessee can deposit the same amount even in his ordinary saving a/c.
Regards.
My query is that, whether it is necessary to open a capital gain a/c to deposit consideration amount after the sale of a property till the purchase of new property or the assessee can deposit the same amount even in his ordinary saving a/c.
Regards.
22 February 2012
If the assessee is unable to invest the amount in the house property before the due date of filing of return, then it is mandatory to deposit the amount in a capital gain account scheme to claim exemption u/s 54/54F.
This has been done to ensure that the assessee does not use the amount for any other purpose.
This has been done to ensure that the assessee does not use the amount for any other purpose.
22 February 2012
Ordinary savings a/c will not suffice. The amount should be deposited in 'capital gains account scheme,1988' account.
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