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West Bengal emerged as a major beneficiary of railway-led infrastructure expansion this weekend, with a series of announcements signalling a significant boost for connectivity in the state, particularly in North Bengal. A day after the Ministry of Railways cleared three new railway line projects
Hours before she was scheduled to lead a Trinamool Congress (TMC) delegation to meet Chief Election Commissioner Gyanesh Kumar in Delhi over the Special Intensive Revision (SIR) of electoral rolls, West Bengal Chief Minister Mamata Banerjee on Monday alleged that Bengalis in the Capital were being
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Karur Vysya Bank launches capital gains account for tax relief: Know how it works
Karur Vysya Bank launches capital gains account for tax relief: Know how it works
Karur Vysya Bank (KVB) today announced the launch of its Capital Gains Account Scheme (CGAS), following recent official authorization from the Ministry of Finance, Government of India. The service will be available to customers with immediate effect, across the bank's branch network except rural markets.
The Capital Gains Account is a specialized facility designed for individuals and Hindu Undivided Families (HUFs) who have sold assets such as property, land, or securities and need a secure way to “park” their proceeds.
By depositing funds into this account, taxpayers remain eligible for tax exemptions under the Income Tax Act, 1961, while they finalize their next long-term investment. Indian tax laws allow exemptions on capital gains if the proceeds are reinvested within a specific timeframe. However, the search for a new property can often exceed tax filing deadlines. The KVB Capital Gains Account acts as a legal safeguard, earning interest for the customer while ensuring they comply with tax regulations without the pressure of making hasty investment decisions.
The Capital Gains Account Scheme is available across KVB's non-rural branch network. The scheme enables fund transfers through UPI, NEFT, and RTGS, in line with the Bank's existing digital banking infrastructure, and account opening and operations are carried out as per applicable regulatory requirements.
Customers may choose between Type A (Savings Account), intended for periodic withdrawals aligned with phased reinvestment or construction timelines, and Type B (Term Deposit), designed for parking capital gains for a fixed tenure, with options for cumulative or non-cumulative interest payout.
Mr. B. Ramesh Babu, Managing Director & CEO, Karur Vysya Bank, said: “The launch of our Capital Gains Account scheme represents our commitment to providing comprehensive tax-planning solutions. This service bridges an important gap in the investment lifecycle allowing customers to maintain tax compliance while taking time to make informed decisions. As asset sales remain robust in the current economy, we believe this offering will be invaluable for our customers.”
Source: Msn
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