Mumbai, Nov 4: HDFC Bank has received authorisation from the Government of India to offer deposits under the Capital Gains Accounts Scheme (CGAS), 1988, enabling taxpayers to park unutilised capital gains in savings accounts or fixed deposits for up to three years while availing applicable tax exemptions and earning interest.
The facility is intended for taxpayers who are unable to complete their reinvestment before the income tax return filing deadline. Under the scheme, eligible customers can open savings accounts (Type A) and fixed deposits (Type B) at the bank’s urban and semi-urban branches, excluding rural branches.
According to HDFC Bank, the deposits will offer several facilities, including multiple modes of funding through NEFT, RTGS, fund transfers, IMPS and UPI, both online and at branches.
The bank said its CGAS savings accounts would have a zero-balance requirement and carry no transaction charges. Interest on both savings accounts and fixed deposits will be paid quarterly.
Customers will also have view-only access to their accounts through Net Banking and Mobile Banking, while passbooks and fixed deposit advice will be provided for account tracking.
Commenting on the development, Sunali Rohra, Head – Government & Institutional Liabilities, New Economy Group and Alternate Banking Channels & Partnership at HDFC Bank, said the bank was grateful to the Government of India for reposing faith in it as a partner for implementing the scheme.
She said the facility would allow customers to earn interest while availing tax exemption on their unutilised capital gains, and invited them to use the bank’s branch network and digital services to park their funds.
The bank said all resident Indians were eligible to avail the deposit facility. It covers capital gains arising from the transfer of residential house property, including apartments, buildings and land; agricultural land; and capital assets other than residential house property.
The scheme also covers capital gains from the compulsory acquisition of land or buildings forming part of an industrial undertaking, relocation of industrial assets from urban to non-urban areas, and shifting of industrial assets from urban areas to Special Economic Zones. [KNT][11/4, 4:48 PM] KNT Neyaz Elahi: Sopore MBBS Student Found Dead in Bangladesh, Family Seeks Repatriation
Sopore, Nov 4, KNT: A final-semester MBBS student from Sopore has been found dead in Bangladesh, prompting his family to appeal to the Government of India for assistance in bringing his mortal remains home.
The deceased was identified as Adnan Ahmed Rather, a resident of Dangerpora, Sopore.
The family has sought government intervention to facilitate the repatriation of his mortal remains to Kashmir.
The circumstances surrounding his death were not detailed in the available report. [KNT]
