HDFC Bank launches accounts under the Capital Gains Accounts Scheme
HDFC Bank is rolling out a new option for taxpayers who are unable to finalize their reinvestment before the income tax filing deadline:
you can now park your uninvested profits in special accounts under the Capital Gains Accounts Scheme (CGAS) of 1988.
These accounts, available at urban and semiurban branches, let you keep your money safe for up to three years, earn some interest, and still qualify for tax exemptions.
HDFC Bank offers more time, exemptions
This move is all about convenience. If you can't reinvest your capital gains before the tax deadline, HDFC Bank's scheme gives you more time without losing out on tax benefits.
HDFC Bank is authorized to offer deposits under CGAS, and taxpayers using the scheme can avail tax exemptions under the applicable Income-Tax Act provisions.