IndusInd Bank announced the launch of Capital Gains Account Scheme (CGAS) on Thursday, under which customers can park long-term capital gains until reinvestment, and avail tax exemptions in accordance with the provisions of Income-tax Act, 1961.
The scheme provides a secure and compliant facility for holding unutilised capital gains, allowing customers to make well-informed reinvestment decisions, within prescribed statutory timelines, IndusInd Bank said in a regulatory fling on March 26.
The Central Board of Direct Taxes (CBDT) had earlier granted the authorisation to the private lender, permitting it to accept deposits under the Capital Gains Account Scheme, 1988.
Scheme Details
Under the scheme, the Bank will accept deposits of unutilised proceeds arising from the sale of eligible capital assets, including residential properties, flats, farmhouses, agricultural land, urban land, and land in Special Economic Zones (SEZs).
IndusInd Bank will offer two account options under CGAS:
Type A – Savings Account, enabling flexible deposits and withdrawals with no minimum balance and applicable savings interest, and
Type B – Term Deposit Account, offering fixed-tenure deposits with minimum deposit of ₹10,000 and higher returns, aligned with reinvestment timelines.
The scheme is available at authorised non-rural IndusInd Bank branches. The eligible customers include resident individuals, Hindu Undivided Families (HUFs), non-individual entities and Non-Resident Indians (NRIs), IndusInd Bank said.
IndusInd Bank Share Price Performance
IndusInd Bank share price has fallen 13% in one month, and has declined 8% on a year-to-date (YTD) basis. The stock has rallied 10% in six months, while it has gained 28% in one year. Over the past two years, IndusInd Bank shares plunged 46%, while they have dropped 15% in five years.
On Wednesday, IndusInd Bank share price ended 2.52% higher at ₹818.15 apiece on the BSE.
