Satvir Singh (Newly minted CA) (1733 Points)
21 June 2010If 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?
DT Fundas - Tarun rustagi
( Author)
(1150 Points)
Replied 21 June 2010
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
CAclubindia
