Good news for millions of HDFC Bank customers! If you’re planning to sell property, land, or a house, saving taxes will now become easier.
HDFC Bank has received approval to launch the Capital Gains Account Scheme (CGAS).
Previously, this scheme was mostly available through public sector banks.
Now, private sector customers can manage their capital gains conveniently at their regular bank.
What Does This Mean for Customers?
Whenever someone sells a property or land, the profit earned is called a capital gain. This profit is taxable.
However, the government allows tax savings if the money is reinvested in a new property or certain exempted assets within a specified period.
Sometimes, people cannot reinvest immediately, and the income tax filing deadline arrives.
In such cases, the money can be deposited in a Capital Gains Account to claim tax exemption.
With HDFC Bank getting approval for CGAS, customers no longer need to visit government banks.
They can open the account directly with HDFC Bank, making the process easier and faster.
How Will This Help the Common Man?
HDFC Bank says this scheme will simplify the process from selling a property to reinvesting.
Customers can manage their funds in a structured way without delays or complications.
The bank has not yet announced the launch date or required documents, but it promises to share full details soon.
Experts believe this move will attract more deposits and provide customers with all banking services under one roof, making it convenient for daily financial needs.
Quick Takeaways
CGAS will help HDFC Bank customers save taxes on capital gains.
Customers can now open this account in a private bank, no need to visit government banks.
The scheme ensures smoother reinvestment of profits from property sales.
Full details including eligibility, features, and documentation will be shared soon.
