Karnataka Bank launches Capital Gains Account Scheme

Karnataka Bank has launched the Capital Gains Account Scheme (CGAS), offering customers a convenient and compliant banking solution to deposit unutilized capital gains while planning eligible reinvestments under the provisions of the Income-tax Act.

The Capital Gains Account Scheme is designed for taxpayers who have earned capital gains from the transfer of eligible capital assets but are unable to complete the prescribed reinvestment within the stipulated timeframe. By depositing the eligible capital gains amount into a CGAS account within the prescribed period, customers can avail themselves of applicable tax benefits, subject to compliance with the relevant provisions of the Income-tax Act and associated regulations.