Capital Gains Account Scheme offers a special benefit to taxpayers of getting a tax exemption on the amount or net consideration deposited in the bank on or before the due date of filling the income tax returns.

The Capital Gains Current Account is available for assessees who are eligible for exemption under section 54, 54B, 54D, 54F, or 54G of the income tax act 1961. (Depositors themselves have to verify whether the scheme applies to them or not). Can be opened in any branch other than rural branch

The period of Capital Gains Account Scheme usually should not exceed 2 to 3 years from the date of transfer of original asset.

Money can be withdrawn from the Capital Gains Account by making an application through Form C. Upon withdrawal, a person should utilise it within 60 days and cannot be re-deposited immediately in the same account.

If you want to withdraw money for the second time, you need to send an application through Form D.

Interest can be received on Capital Gains Account in two ways:

Under account A interest shall be allowed for each month  and shall be credited to depositors account every quarter.

 Under account ‘B’ 

1. In case of cumulative (DRC) deposit interest shall be reinvested and paid only on maturity and

2. In case of non-cumulative (FDR) deposit, interest shall be allowed on quarterly basis.