IndusInd Bank today announced the launch of Capital Gains Account Scheme (CGAS), under which customers can park long-term capital gains until reinvestment, and avail tax exemptions in accordance with the provisions of Income-tax Act, 1961.
The scheme provides a secure and compliant facility for holding unutilised capital gains, allowing customers to make well-informed reinvestment decisions, within prescribed statutory timelines. The launch follows the authorisation granted by the Central Board of Direct Taxes (CBDT) permitting IndusInd Bank to accept deposits under the Capital Gains Account Scheme, 1988.
Under the scheme, the Bank will accept deposits of unutilised proceeds arising from the sale of eligible capital assets, including residential properties, flats, farmhouses, agricultural land, urban land, and land in Special Economic Zones (SEZs).
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