CGAS Scheme Update: A big relief has been given to the taxpayers by the Government of India. The government has decided not to limit the facility of depositing money in the Capital Gains Account Scheme (CGAS) to only government banks. This information has been given in a notification issued by the Finance Ministry.
According to the notification, 19 private and small finance banks have been included in this list. Due to which now taxpayers will get options from many banks to protect their capital gains and get tax exemption. Till now, this facility was also available to the taxpayers in some government banks. Let us know which banks have been included in this list……
Investors will get capital gain account scheme in these 19 banks
The government has started the Capital Gain Account Scheme in these banks for investors, in which it will be easy to invest further by keeping the capital gain amount safe.
This scheme has been started in HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, IndusInd Bank, IDFC First Bank, RBL Bank, Yes Bank, South Indian Bank, Bandhan Bank, DCB Bank, City Union Bank, Karnataka Bank, Karur Vysya Bank, Jammu and Kashmir Bank, Dhanlaxmi Bank, CSB Bank and Tamil Nadu Mercantile Bank.
What is capital gains tax?
When a person earns profit by selling his property like land, house, jewelery and investments, it is called capital gains. The government has to pay tax on this capital gain. Which is called capital gains tax.
If the asset is held for a short period, it is subject to short-term gains tax and if it is held for a longer period, it is subject to long-term gains tax. To save tax money, people keep money in Capital Gain Account Scheme.
Benefits of Capital Gain Account Scheme
With the Capital Gain Account Scheme, you can save tax up to lakhs of rupees on the money earned from capital gains. There is no need to rush between selling the property and investing in another property. You can comfortably invest in new property.
In case you are not able to invest till the income tax return deadline, you can get tax exemption by depositing money in the Capital Gain Account Scheme.
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