Capital Gains Account

Sold a plot of land or a flat or any such property recently? You could be liable to pay Long Term Capital Gains Tax. However, if you plan to re-invest it in a residential property or any other specified asset within the stipulated time frame, you can park the proceeds in SBI's CapGains Plus, under the Capital Gains Account Scheme, 1988 and be eligible to claim exemption of Long Term Capital Gains Tax on sale of Capital Assets.

Eligible Applicants

• Resident Individuals, Body of individuals,

• Non-individuals like Hindu Undivided Family (HUF), Sole Proprietorship firms; Partnership firms, Companies, Association of persons etc.

• Non-resident Indians (NRIs)

• Resident but not Ordinary Resident (RNOR)

• Artificial Judicial persons who have capital gains, taxable in India.

Features

• Adequate time to acquire the new asset of your liking

• Earn interest at Savings Bank or Fixed Deposit rates as you wait.

• Savings Bank Account (Deposit Account-A) and Term Deposits (TDR / STDR) (Deposit Account-B)

• Rs. 1,000 in case of CapGains Term Deposits

• No upper ceiling for Maximum Balance/Amount

• As applicable to normal Savings Bank account and/or Term Deposits for respective maturities of Retail & Bulk deposits. No additional interest rate benefit for Senior Citizens or Staff.

• The Capital Gains Deposit Scheme is operative at all branches except Rural branches.

• Closure of TDR/STDR (Account – B) allowed before maturity. (Proceeds to be credited to CapGains SB account-Account- A only).

• At the time of closure of all accounts, the depositor will have to produce specific authority letter/ certificate from the Income Tax Officer of the respective jurisdiction. The closure would be allowed on the terms mentioned in the letter of authority.

• No loan facility against this deposit is available. This term deposit can neither be accepted as margin money for non-fund based nor as collateral to any type of fund-based facilities.

• Nomination facility is available for the deposits (Up to 3 Nominees can be nominated)

• In the event of loss or destruction of pass book or receipt, the branch may issue, on application made to it, a duplicate thereof

• Period of Deposit
  Not exceeding 2 to 3 years from the date of transfer of original asset as given below

  • Max 24 months - if capital gains is U/s 54, 54B, 54 F. (As declared in Form A by depositor)

  • Max 36 months - if capital gains is U/s 54, 54 D, 54 F, 54 G & 54GB (As declared in Form A by depositor)