Vaibhav Garg (CA) (47 Points)
01 April 2011How an amount deposited in capital gain account u/s 54EC with SBI can be released for purchase of another property within time limit?? Do it need the sanction letter from the Accessing Officer to be presented to bank for release of payment??? is there is any rule specified in Income Tax Rules in this regard??
CA Saiyum khan
(Practicing CA)
(685 Points)
Replied 01 April 2011
Directly approach to Bank you would be guided there.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 01 April 2011
no document from incometax required, but the payment will be made direct to property owner by bank, please produce the agreement of property to be purchased and letter for payment demand. bank will issue DD in favor of seller on your request.
CAclubindia
