Deposit Account under capital gains scheme 1988

[DEEPAK CHHABRA]

Can an assesse open two deposit accounts in a public sector bank in accordance with the Capital Gains Account Scheme 1988 for the purpose of utilisation of the same for purchase/construction of house property.

AI Summary

Clarification on Opening Multiple Deposit Accounts Under Capital Gains Account Scheme 1988 for House Purchase or Construction An individual inquired whether it is permissible to open two deposit accounts in a public sector bank under the Capital Gains Account Scheme 1988 for purchasing or constructing a house. The response clarified that while the term 'an account' could be interpreted to allow multiple accounts, it is advisable to use a single account to avoid potential legal issues.