IDBI to operate account under CGAS
IDBI Bank Ltd, a new generation government owned bank, on Friday said it has been authorized to accept deposits under the Capital Gains Accounts Scheme (CGAS), 1988 by a Gazette notification (Copy Attached) from CBDT, Department of Revenue, Ministry of Finance.
"Long term Capital gains arising on transfer of capital assets, is not chargeable to tax if the amount of capital gain or net consideration has been utilised for specified purposes within the stipulated period as laid down under the Income tax Act," said an IDBI release.
The amount of capital gain, which is not so utilized for the specified purposes, could be deposited in special Savings Bank or Term Deposit account opened with IDBI Bank Ltd as per the provisions of CGAS, 1988.
The minimum amount of deposit under Term Deposit Account would be Rs.10,000 and thereafter in multiples of Rs.10,000 with a cap of Rs 100 crore.
Senior Citizens depositing the amount with IDBI Bank Ltd. are eligible for additional interest.