Hyderabad, Nov. 4 -- HDFC Bank has received approval from the Government of India to offer deposits under the Capital Gains Accounts Scheme (CGAS), 1988, enabling taxpayers to earn interest while retaining tax exemption benefits on unutilised capital gains, the bank announced on Wednesday.
Under the scheme, taxpayers who are unable to reinvest their capital gains before the income-tax return filing deadline can park the unutilised amount in savings accounts or fixed deposits for up to three years, subject to applicable provisions of the Income-Tax Act.
The facility will be available to resident Indians across the bank's urban and semi-urban branches, excluding rural branches,, the Bank said in a release.
The bank said the accounts would ...