Describe the Capital Gains Account Scheme.

February 20, 2024 13:22

The Capital Gains Account Scheme (CGAS) is a provision under the Income Tax Act of India that allows taxpayers to claim certain tax benefits on capital gains arising from the transfer of capital assets such as property or securities. This scheme enables taxpayers to defer the payment of tax on capital gains by depositing the proceeds within a specified date in a specified type of account.d
The deposit period varies depending on whether the gains are from the sale of a long-term or short-term asset.

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