Which banks are authorised to open capital gain account?

Capital Gain simply refers to the profit gained after the sale of a property or an investment so if you too want to know the list of banks authorised to open Capital Gain account, I can help you out. The Capital Gains Account scheme helps a person to park their capital gains until the point when they can be reinvested in assets as per Sections 54 and 54F of the Income Tax Act, 1961, and protect their long term capital gains. Not all banks will allow you to open such an account and honestly not all are to be trusted as well. I have researched a lot about it personally and am happy to share with you all as well. Sell your property easily now by availing NoBroker Seller Assist Plans

Which banks authorised to open Capital Gains account?

A Capital Gain account can be opened in banks that are recommended by the government of India like:

• Central Bank of India
• State Bank of India and its subsidiaries
• Syndicate Bank
• IDBI Bank
• Bank of Baroda
• Corporation Bank

I hope this Capital Gain Account Bank List will help you to get your account created. Which Capital Bond is the best? 54EC bonds or capital gains bonds are considered to be one of the best ways to save long-term capital gain tax. It is specially for investors earning long-term capital gains and can also get tax exemption on these gains. I hope this list of banks authorised to open Capital Gain account will help you to choose where you want to open an account as per your choice. Read More: What are the rules regarding exemption of capital gains? How to avoid Capital Gains Tax in India?

The capital gain accounts are used by individuals to save the proceeds from the sale of assets like property or stocks. They will be reinvested to claim capital gains tax exemptions.

List of capital gain bonds banks are as follows:

1. State Bank of India (SBI)

2. ICICI Bank

3. HDFC Bank

4. Axis Bank

5. Bank of Baroda (BoB)

6. Punjab National Bank (PNB)

This is the list of some top banks which are authorized for opening capital gain accounts.

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Any branch of an authorised bank, with the exception of its rural branches, can open a capital gains account. The government has identified the list of banks authorised to open capital gains account.

Which banks can open capital gain account?

According to my research, the capital gains account scheme banks list includes; 

• State Bank of India

• Central Bank of India

• Bank of India

• Punjab National Bank

• Bank of Baroda

• UCO Bank

• Canara Bank

• United Bank of India

• Union Bank of India

• Allahabad Bank

• Indian Bank

• Bank of Maharashtra

• Indian Overseas Bank

• New Bank of India

• Punjab & Sind Bank

Kindly comment below, if you could add on any other Bank’s name to this list.

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A completely filled-out Form A, a copy of your PAN card, and documentation of your address must all be submitted in order to open a capital gains account in any of these list of banks authorised to open capital gains account. Demand drafts, cash deposits, and cheques are all acceptable methods for funding an account.

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Under the Capital Gain scheme, taxpayers can get exempt from Capital Gains if the amount is deposited in the bank on or before the due date for filing a return of income. This scheme got started in 1988. If you want to know which bank has capital gain account scheme, you should read this answer. The list is quite long, so you can visit any of the banks and apply for it.

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What is the capital gains account scheme banks list?

The above-mentioned answers are quite vivid. They must have already been able to give you an idea about the CGAS account banks. But let me share all the names of the bank here-

• State Bank of India 

• Central Bank of India

• Bank of India

• Punjab National Bank

• Bank of Baroda

• UCO Bank 

• Canara Bank 

• United Bank of India 

• Dena Bank

• Syndicate Bank 

• Union Bank of India

• Allahabad Bank

• Indian Bank

• Bank of Maharashtra

• Indian Overseas Bank

• Andhra Bank

• Corporation Bank

• New Bank of India

• Oriental Bank of Commerce

• Punjab & Sind Bank & Vijaya Bank

Which bank is best for capital gain account?

It is hard to say which bank will be the best for capital gain account but yes, to be safe, you can go for

• SBI

• UCO

• Indian Overseas Bank

• Central Bank of India

• Bank of India

• Bank of Baroda

These banks are the most famous ones, but that does not mean going with other banks will be a bad option. Go for any one of the banks mentioned above. Just ask for all the details and rules beforehand before opening a Capital Gains account there. 

I hope this clarifies which bank has capital gain account scheme.

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I have been doing my research on which banks are authorised to open capital gain account as I am also planning to open this account, so. Let me explain what a capital gain account is in brief before I answer your query.

If you earn any capital gains on the property sale, then you are required to invest in investment avenues that are mentioned under the IT Act, 1961 before filing your income tax return (ITR) and before the expiry of the time limit to invest the gains. However, there may be instances when you are not able to do so.

To deal with this issue, the Capital Gains Account Scheme (CGAS) was introduced. If you haven’t made such an investment before filing the income tax return, you can deposit the capital gains in a capital gain account with a bank under the CGAS.

Which Banks are Authorised to Open Capital Gain Account

You can open a CGAS account only if you are not to invest it in a property before the due date for filing ITR (31

st

July after the given assessment year). This scheme began in 1988, and you can open a capital gain bank account in any of the 28 banks notified by the government. This includes Corporation Bank, Bank of Baroda, IDBI Bank, Central Bank of India, Syndicate Bank, State Bank of India, and other State Banks. However, this scheme isn’t available in the rural branches of these banks.

You can open a capital gains account by submitting a duly-filled Form A along with a photograph, PAN card copy, and address proof. You can deposit the amount in the account through demand draft, cash, or cheque.

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I hope now you know which banks are authorised to open capital gain account.