Special deposit account for sec. 54

Satvir Singh (Newly minted CA) (1733 Points)

21 June 2010  

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?