Karnataka Bank has launched the Capital Gains Account Scheme (CGAS), offering customers a convenient and compliant banking solution to deposit unutilized capital gains while planning eligible reinvestments under the provisions of the Income-tax Act.
The Capital Gains Account Scheme is designed for taxpayers who have earned capital gains from the transfer of eligible capital assets but are unable to complete the prescribed reinvestment within the stipulated timeframe. By depositing the eligible capital gains amount into a CGAS account within the prescribed period, customers can avail themselves of applicable tax benefits, subject to compliance with the relevant provisions of the Income-tax Act and associated regulations.
Under the scheme, customers can open Capital Gains Account-A (Savings Deposit Account) for flexible deposits and withdrawals, and Capital Gains Account-B (Term Deposit Account) for longer-term parking of funds. The scheme serves as an effective solution for customers planning eligible reinvestments, including the purchase or construction of residential property and other qualifying investments, as permitted under the applicable provisions of the Income-tax Act.
Karnataka Bank has developed comprehensive range of customized products & services suitable for every kind of market, trade or perceived need - Business or Personal.
