Karnataka Bank launches CGAS to preserve capital gains tax benefits
Karnataka Bank just rolled out a new Capital Gains Account Scheme (CGAS) to make life easier for taxpayers who have earned capital gains from the transfer of eligible capital assets and need more time to reinvest those gains.
By parking your money in this account within the specified window, you can keep your tax benefits under the Income Tax Act.
CGAS offers flexible and long-term accounts
CGAS comes with two options: Account A works like a flexible savings account, while Account B is for long-term deposits.
It is designed to help you stay tax-compliant if you are planning big moves like buying or building a house.
Managing Director and CEO Raghavendra S Bhat called the scheme, "At Karnataka Bank, we are committed to delivering customer-centric banking solutions that empower customers to manage their finances with confidence. The launch of the CGAS reflects our continued focus on providing convenient and compliant solutions that support effective tax planning and investment decisions."