SBI CAPGAINS PLUS (CAPITAL GAIN SCHEME)

 Sold a Property?

Deposit the amount that you propose to invest in a residential property in due course* or any other specified asset to claim exemption of Long Term Capital Gains Tax on sale of Capital Assets # in State Bank of India’s CapGains Plus, under the Capital Gains Account Scheme 1988.

* Purchase or / Construct residential property within 2 or 3 years of sale respectively

# As defined under Sec 2(14) of IT Act, 1961.

The Benefit for you:

a)    Adequate time to acquire the new asset of your liking

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

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, Not Ordinarily Resident assesses. Artificial judicial persons who have capital gains, taxable in India.

Minimum Amount

Rs. 5,000 in case of Term Deposits and Rs. 1,000 in case of Saving Banks a/c

Maximum Amount : No ceiling

Period of Deposit

 

 Not exceeding 2/3 years from the date of transfer of original asset as given below­-

2 years - if capital gains is U/s 54B, 54 F. 54 G

3 Years - if capital gains is U/s 54, 54 D

Interest Rate

           

As applicable to normal Savings and Term Deposits for respective maturities. No additional interest rate benefit for Senior Citizens.

Coverage

           

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

Premature Payment

           

Premature payment of Term Deposit is permitted only after production of specific authority letter/ certificate from the Income Tax Officer having jurisdiction and on the terms mentioned in the letter of authority

Loan facility

           

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.

Accounting Procedure

           

Please click here  http://www.sbi.co.in/webfiles/uploads/files/1354789240447_CAP_GAINS_FORM_A.pdf

 for application form for opening account under the CapGains Plus scheme.

https://www.onlinesbi.com/oao/onlineaccapp.htm

In case you are not a SBI customer please open an account with us and then submit the application form for CapGains Plus

Nomination

           

Nomination facility is available for the deposits

Transfer of Account

           

Account can be transferred from one branch to another branch Issue of Duplicate Pass Book or / Receipt

           

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

Note: Auto renewal is NOT available for Term Deposits or Special Term Deposits opened under CapGains Plus unlike the regular Term Deposit or Special Term Deposit product. Upon maturity of a Term Deposit or Special Term Deposit opened under CapGains Plus, the proceeds will be credited into the Savings Bank Account opened under CapGains Plus.

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