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HUF -  Capital Gain Account

This is another type of Account which can be opened by HUF assesses in order to avail exemption in respect of Capital gains arising to them under Section 54, 54D, 54F or 54G of the Income-tax Act, 1961 .The account to be opened in such a case is governed by the Capital Gains Accounts Scheme, 1988 which was notified by the Centra.l Board of Direct Taxes vide Notification No. 724(E) dated 221Id June, 1988. The salient features of such an account are as follows:

  1. The said account can be opened with all scheduled Banks and In this regard, a Notification No. 725(E) dated 22nd June,1988 has been issued which authorizes all the branches of 28 banks as follows(except rural branches) to receive deposits under the said scheme. The ljst of the Bank is as follows:

    1. State Bank of India

    2. State Bank of Bikaner & Jaipur

    3. State Bank of Hyderabad

    4. State Bank of Indore

    5. State Bank of Mysore

    6. State Bank of Patiala

    7. State Bank of Saurashtra

    8. State Bank of Travancore

    9. Central Bank of India

    10. Bank of India

    11. Punjab National Bank

    12. Bank of Baroda

    13. UCO Bank

    14. Canara Bank

    15. United Bank of mci

    16. Dena Bank

    17. Syndicate Bank

    18. Union Bank of India

    19. Allahabad Bank

    20. Indian Bank

    21. Bank of Maharashtra

    22. Indian Overseas Bank

    23. Andhra Bank

    24. Corporation Bank

    25. New Bank of India

    26. Oriental Bank of Commerce

    27. Punjab & Sind Bank

    28. Vijaya Bank

  2. It is further stated in the said notification that a rural branch in relation to a bank means a branch which is situated and is functioning at a centre, the population whereof, in accordance with the 1981 census, is less than ten thousand.

  3. There are two types of Account that can be opened under this Scheme and they are Account- A and Account-B. Account-A represents a Savings account and Account-B represents a term deposit account.

  4. It is to be noted that the deposit under the scheme has to be made within the due date of filing of return as applicable to the assessee in order to save the capital gains tax and therefore care must be taken to adhere to the date of opening the account and placing the deposit under the scheme.

  5. The withdrawals from this account are permitted for the purpose of utilization in accordance with the respective Section under which the account has been opened.

  6. The account can however be closed only with the permission of the Assessing officer who has the jurisdiction over the assessee by making an application in Form No. G.

 
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