sbp.co.in Capital Gains Account Scheme : State Bank of Patiala

Organization : State Bank of Patiala
Facility : Capital Gains Account

Scheme : https://www.sbp.co.in/Deposits.aspx?pantab=1&pgId=71
Home Page : https://www.onlinesbi.com/

Capital Gains Account Scheme :

Features & Benefits :
Sold a property? Deposit the amount that your 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 Patiala Capital Gain Account Scheme 1988.

Related : State Bank of Patiala Apply for MSME Loan : www.statusin.in/20916.html

*Purchase or Construct residential property within 2 or 3 years of sale respectively.
#As defined under Sec 2(14) of IT Acr, 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.
Account can be transferred from one branch to another branch

Eligibility Criteria :
a) Resident Individuals, Body of individuals
b) Non-individuals like Hindu Undivided family (HUF), sole proprietorship firms; partnership firms companies, Association of persons etc.
c) Non-resident Indians (NRIs), Not Ordinary Resident Artificial judicial persons who have capital gains, taxable in India.

Min/Max Amount of Deposit : Min Amount – Rs. 1,000 in case of Capital Gains Term Deposits

Period of Deposit :
Not exceeding 2 to 3 years from the date of transfer of original asset as given below:-
24 months – if capital gains is U/s 54, 54B, 54 F
36 months – if capital gains is U/s 54, 54 D, 54 F, 54 G, 54 GB

Other Important Features :
** Premature payment of Term Deposit is permitted only after production of specific authority letter/ certificate from the Income Tax Officer having jurisdiction and 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 / non-fund based facilities.
** No additional interest rate benefit for Senior Citizens.
** The Scheme is operative at all branches except rural branches.
** In the event of loss or destruction of pass book orreceipt, the branch may issue on application madeto it, a duplicate thereof.
** Nomination facility is available for the deposits.
** Auto renewal is NOT available for Term Deposits or Special Term Deposits opened under Capital Gains Accounts Scheme unlike the regular Term Deposit or Special Term Deposit product. Upon maturity of a Term Deposit or Special Term Deposit opened under Capital Gains Account Scheme, the proceeds will be credited into Savings Bank Account opened under Capital Gains Accounts Scheme.
** In the event of loss or destruction of pass book orreceipt, the branch may issue on application madeto it, a duplicate thereof.

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