IndusInd Bank has introduced a new Capital Gains Account Scheme (CGAS) that allows customers to park long-term capital gains until reinvestment, facilitating tax exemptions as per the Income-tax Act, 1961. This scheme offers a secure and compliant facility for holding unutilised capital gains, enabling customers to make informed reinvestment decisions within the statutory timelines.
The launch of this scheme follows authorisation from the Central Board of Direct Taxes (CBDT), permitting IndusInd Bank to accept deposits under the Capital Gains Account Scheme, 1988. The bank will accept deposits of unutilised proceeds from the sale of eligible capital assets, such as residential properties, flats, farmhouses, agricultural land, urban land, and land in Special Economic Zones (SEZs).
IndusInd Bank provides two account options under CGAS: Type A – Savings Account, which allows flexible deposits and withdrawals with no minimum balance and applicable savings interest, and Type B – Term Deposit Account, offering fixed-tenure deposits with a minimum deposit of ₹10,000 and higher returns aligned with reinvestment timelines. The scheme is available at authorised non-rural IndusInd Bank branches for eligible customers, including resident individuals, Hindu Undivided Families (HUFs), non-individual entities, and Non-Resident Indians (NRIs).
For more details, customers are encouraged to visit the bank’s website.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).