SBI CAPGAIN PLUS is a scheme where you can re-invest your money in a residential property or any other specifed assest within the guaranteed time period in order be free from a payment of long term Capital Gains Tax. You can invest your money in SBI Capgains Plus under the Capital Gains Account Scheme 1988. And then you are eligible to claim exemption of Long Term Capital Gains Tax on sale of Capital Assests.
|Benefits||· Enough time to collect the assests of your liking.
· You can earn interest at saving bank or fixed deposit rates as you wait.
|Eligibility||· Resident individuals/Body of individuals.
· Non-Individual like HUF, Sole Proprietorship firms, partnership firms, companies, associations of person etc.
· Resident but not ordinary Residents.
· Artificial Judicial Person who have capital gains, taxable in India.
|Types of Accounts||· Saving Bank Account
|Minimum Amount||Rs 1000|
|Maximum Balance/Amount||No upper ceiling|
|Period of Deposit||Not exceeding 2 to 3 years from the date of transfer of original asset|
|Interest Rate||As applicable to normal Savings Bank Account or Tem Deposits.|
|Coverage||This scheme is applicable for all branches except fro rural branches|
|Closure/Premature Payment||· TDR/STDR are allowed for closure before maturity of the account.
· Specific Authority Letter/Certificate from the Income Tax Office of respective jurisdiction must be produced at the time of closure of all accounts.
|Loan Facility||There is no loan facility available against the deposit.|
|Nomination||Nomination Facility available (up to 3 nominees can be nominated)|
|Transfer of Account||The facility of account transfer is available.|