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Personal

Capital Gain Accounts Scheme 1988 is applicable to eligible taxpayers who wish to claim exemption u/s 54 for capital gain

 
Capital Gain Accounts Scheme 1988

No Lien

Amount cannot be placed or offered as Security for any loan or guarantee and cannot be charged or alienated.

Transfer of Account

Account can be transferred to another Branch of the same Bank

Interest Exemption under I. T. Act 1961

Interest is not exempted under Income Tax Act, 1961.TDS will be deducted at applicable rates on TDRs

Transfer from Account ‘B’ to ‘A’ or ‘A’ to ‘B’

This is permitted – Depositor will apply for this transfer in form ‘B’. If account ‘A’ is not opened a new ‘A’ will be opened on obtention of form ‘A’.

Nomination by a Individual

  • Form ‘E’ (Max. 3 Nominees)
  • 1st nominee shall alone have the right to recover the amount, after death of 1st nominee, 2nd has the right and after death of 1st & 2nd, the 3rd will get right.

Variation/ Cancellation of Nomination by Individual

  • Form ‘F’ for variation/ cancellation.
  • Nomination will be entered in Pass-Book/ Deposit Receipt. No nomination will be made for other type of accounts (like HUF, minors)

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

Closure of Account

  • Application in Form ‘G’ with the approval of Assessing Officer who has jurisdiction to the depositor.
  • If depositor dies, the nominee will make application in Form ‘H’ with the approval of Assessing Officer (having jurisdiction over deceased depositor)
  • If there is no nomination then legal heirs will apply in form ‘H’ with the approval of Assessing Officer (having jurisdiction over deceased depositor).

Overdue Deposit

Bank may renew an overdue Term Deposit under Capital Gains Account Scheme and allow interest on such renewed TDR or a portion thereof from the date of maturity of deposit.

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