HDFC Bank Gets Government Authorisation to Offer Deposits under Capital Gains Accounts Scheme, 1988

~HDFC Bank receives Government authorisation to offer CGAS deposits, helping resident Indians earn interest and claim eligible capital gains tax exemptions.
Ahmedabad, Gujarat, Nov 04 (VNI) : HDFC Bank has received authorisation from the Government of India to offer deposits under the Capital Gains Accounts Scheme (CGAS), 1988, enabling taxpayers to park their unutilised capital gains in bank accounts for a maximum period of three years.
According to the Bank, taxpayers who are unable to complete their reinvestment before the income tax filing deadline can open Savings Accounts (Type A) and Fixed Deposits (Type B) under the scheme at the Bank’s urban and semi-urban branches, excluding rural branches. Eligible taxpayers can avail tax exemptions under the applicable provisions of the Income-Tax Act while earning interest on their deposits for up to three years.
The key features of HDFC Bank’s CGAS deposits include convenient deposits through NEFT, RTGS, fund transfers, IMPS and UPI, both online and at branches. Savings accounts come with zero-balance requirements and no transaction charges. Interest will be paid quarterly on both savings accounts and fixed deposits. Customers will also have view-only access through Net Banking and Mobile Banking, along with passbooks for savings accounts and deposit receipts for fixed deposits to track their accounts.
Sunali Rohra, Head – Government & Institutional Liabilities, New Economy Group and Alternate Banking Channels & Partnership, HDFC Bank, said, “We are grateful to the Government of India for reposing faith in us as a reliable partner for implementing the CGAS. With this offering, customers can both earn interest and avail tax exemption on their unutilised capital gains. We invite customers to leverage our extensive branch network and digital prowess to securely park their unutilised capital gains.”
The CGAS deposit facility is currently available to all resident Indians for capital gains arising from the transfer of eligible assets, including residential house property, agricultural land and other capital assets. It also covers land or buildings forming part of industrial undertakings transferred through compulsory acquisition, industrial assets shifted from urban to non-urban areas, and industrial assets relocated from urban areas to Special Economic Zones (SEZs), subject to applicable provisions of the scheme and the Income-Tax Act. VNI NEWS, HDFC Bank CGAS, Capital Gains Accounts Scheme 1988, HDFC Bank Capital Gains Deposits, CGAS Tax Benefits, Capital Gains Tax Exemption, HDFC Bank, Capital Gains Accounts Scheme, CGAS 1988, Capital Gains Tax, Tax Exemption, Fixed Deposits, Savings Accounts, Government of India, Income Tax Act, Banking News, VNINews, VNINews.com