What Is a Capital Gains Account? Karur Vysya Bank has introduced an account that can exempt you from capital gains tax. If you deposit the proceeds into this account after selling your property or shares, you can get tax relief.
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Karur Vysya Bank Account: Karur Vysya Bank (KVB) has announced the launch of the Capital Gains Account Scheme (CGAS). Following approval from the Ministry of Finance, the service is available with immediate effect. This scheme offered by the bank will prove to be a boon for those who want to save tax and save money from the sale of property, land, or shares. This is a special type of bank account designed for individuals and Hindu Undivided Families (HUFs).
This is how you get tax exemption
When you sell assets like a house, plot, or shares, the resulting income (capital gains) is taxable. However, under the Income Tax Act 1961, if you invest this money in purchasing or building a new asset (such as a new house) within a specified time frame, you are exempt from tax. But the problem arises when you’re finding new investments and the ITR filing deadline is nearing. This is where this type of account comes in handy.
Depositing money here will retain the tax benefits.
You can deposit the proceeds from selling your property into this account. Furthermore, depositing money here will retain the tax benefits, and the bank will also pay interest. You will also avoid making rash and wrong investments. Two types of accounts are available. Customers can select two options based on their needs:
Conveniences Available in Two Account Types
The first is a savings account. This account is ideal for those who want to withdraw small amounts of money to build or buy a new home. You can withdraw funds as needed. The second is a term deposit account. You can deposit money for a fixed period of time. You can choose between cumulative (interest added) or non-cumulative (monthly/quarterly interest) options. You will receive the full amount and interest at the agreed time.
Where and how can I avail this facility?
This facility is available at all non-rural branches of Karur Vysya Bank (KVB). Opening and operating an account is fairly straightforward, as per regulations. Digital services like UPI, NEFT, and RTGS are available for money transfers. B. Ramesh Babu, MD and CEO of the bank, said, “Through this scheme, we aim to assist customers with tax planning. Asset sales are happening rapidly these days. This facility helps customers make informed investment decisions while remaining compliant with tax regulations.”
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