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:
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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 belowÂ-
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.
