HDFC Bank Launches Capital Gains Deposit Scheme, Taxpayers Can Earn Interest & Claim Tax Exemption On Unused Gains
Mumbai: HDFC Bank has received government authorisation to accept deposits under the Capital Gains Accounts Scheme (CGAS), 1988, allowing eligible taxpayers to earn interest while seeking tax exemption on capital gains that have not yet been reinvested. The facility will help individuals who sell property or other eligible assets but cannot reinvest their capital gains before the income tax…
Mumbai, India: HDFC Bank has secured government approval to offer the Capital Gains Accounts Scheme (CGAS), 1988, a new deposit product aimed at taxpayers. Under this scheme, eligible individuals can earn interest on uninvested capital gains from the sale of properties or other qualifying assets, while still claiming tax exemptions.
To help manage these funds, HDFC Bank will provide account options through its urban and semi-urban branches, excluding rural locations. Customers can select between a Type A savings account, requiring no minimum balance or transaction fees, or a Type B fixed deposit, both of which pay quarterly interest. The account can remain open for up to three years, depending on the tax provisions applicable.
Transfer funds using NEFT, RTGS, IMPS, UPI, or other banking methods, and access your account details online via the bank's mobile and net banking platforms. Accepted assets include residential properties, agricultural land, and certain industrial assets transferred through compulsory acquisition or relocation. HDFC Bank Deputy Managing Director Kaizad Bharucha will resign on December 31, 2023.
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