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Special deposit account for sec. 54

Tax queries 506 views 2 replies

Satvir Singh

Newly minted CA

1733 Points Joined July 2009

If asessee doesn't acquire new assets to claim exemption u/s 54 before due date of filing ITR, he has to deposit amount in special account. What is this special account, how & where it is maintained??

If a person doesn't maintain account but acquires new asset within stipulated period (but after filing return), can he claim exemption?

Replies (2)

Guest

dear friend a capitain account account scheme is maintained by all shedule banks like sbi and pnb, bank of india etc. if u want to claim exemption then it is mandotary to deposit amount in that scheme or either purchase a qualified assets before due date.u can not claim exemption after the due in case u purchase a assets after due date.

regards

tarun rustagi