Capital account scheme 1988

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jayant chandrachud (Querist)
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21 June 2014 The assessee wants to deposit Rs. 1.00 Crore under CGAS 1988 for claiming exemption U/S 54.Whether bank can be instructed to pay monthly interest and credit it to Type B account ? Can this interest be used for any purpose other than construction / purchase of residential house ?

Rupesh Jain

Rupesh Jain (Expert)
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21 June 2014 in law not mention about the intt. you can not use or use . but amount to be use for the purchase of property.

in my opnion this intt. will taxable income for you.
and use for any purpose as you want.

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