ICICI Bank Launches CGAS for Tax Savings

ICICI Bank has started a new scheme called the Capital Gains Account Scheme (CGAS).

This scheme helps people who have made money from selling property or other assets but haven't yet reinvested it.

By putting their money into a CGAS account, they can still get tax benefits even if they don't reinvest right away.

The scheme offers two types of accounts: one that works like a savings account and another that works like a fixed deposit.

The money can stay in the account for up to three years, depending on when they plan to reinvest.

The bank has been given permission by the government to manage these accounts.

People need to put their money into the CGAS account before they file their taxes to get the benefits.

The interest earned on these accounts is taxable.

Right now, only resident individuals and Hindu Undivided Families (HUFs) can use this scheme, but the bank plans to include other types of users later.