India, Aug. 28 -- Karnataka Bank has launched the Capital Gains Account Scheme (CGAS), providing customers with a convenient and compliant option to park unutilised capital gains while planning eligible reinvestments under the Income-tax Act.
The scheme is aimed at 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 into a CGAS account within the prescribed period, customers can avail applicable tax benefits, subject to compliance with the relevant tax provisions and regulations.
Karnataka Bank is among the authorised banks permitted to offer the scheme, improving access for taxp...