Capital Gains Accounts (First Amendment) Scheme, 2012

 
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S.O 2553(E):-In exercise of the powers conferred by sub-section (2) of section 54, sub-section (2) of section 54B, sub-section (2) of section 54D, sub-section (4) of section 54F, sub-section (2) of section 54G and sub-section (2) of section 54GB of the Income-tax Act, 1961 (43 of 1961) the Central Government hereby makes the following Scheme to amend the Capital Gains Account Scheme, 1988. namely:-

1. (1) This Scheme may be called the Capital Gains Accounts (First Amendment) Scheme, 2012.

(2) It shall come into force on the date of its publication in the Official Gazette.

2. In the Capital Gains Accounts Scheme, 1988 (hereinafter referred to as the said Scheme), in the opening paragraph, for the words, brackets, figure and letter "and sub-section (2) of section 54G", the words, brackets, figures and letters, "sub-section (2) of section 54G and sub-section (2) of section 54GB" shall be substituted.

3. In sub-paragraph (3) of paragraph 1 of the said Scheme, for the word, figure and letter "or 54G", the word, figures and letters, "54G or 54GB" shall be substituted.

4. In clause (f) of paragraph 2 of the said Scheme, for the word, figures and letter "or 54G", the figure, letter and words, "54G or an eligible company as referred to in section 54GB" shall be substituted.

5. In paragraph 3 of the said Scheme, after the words, figures and letter "or section 54G", the words, figures and letters "or section 54GB" shall be inserted.

6. In sub-paragraph (4) of paragraph 4 of the said Scheme, after the words "the depositor", the words, figures and letters "or the eligible assessee as referred to in section 54GB" shall be inserted.

7. In sub-paragraph (1) of paragraph 10 of the said Scheme, after the word, figures and letter "section 54G", the words, brackets, figures and letter "or sub-section (2) of section 54GB" shall be inserted.

8. In paragraph 13 of the said Scheme,--

(a) in sub-paragraph (1), after the words "If a depositor", the words, figures and letter, "other than an eligible company as referred to in section 54GB" shall be inserted;

(b) after sub-paragraph (1), the following sub-paragraph shall be inserted, namely:-

"(1A) If a depositor, being an eligible company, referred to in section 54GB, desires to close its account, then, -

(i) it shall make a joint application signed by the eligible assessee referred to in section 54GB;

(ii) the application shall be made with the approval of the Assessing Officer having jurisdiction over the eligible...

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