ICICI Bank has launched the Capital Gains Account Scheme (CGAS), a facility that helps taxpayers save capital gains tax when they are unable to reinvest their gains immediately.
Under this scheme, customers can deposit un-invested long-term capital gains or sale proceeds from the sale of specified capital assets. The deposited amount can be kept for up to three years, during which the customer can claim capital gains tax exemption, as per Income Tax rules. The money deposited in the account also earns interest.
Recently, the Government approved ICICI Bank as an authorised bank to accept deposits under the Capital Gains Account Scheme.
Who can open this account?
From January 1, 2026, the scheme is available for:
- Resident individuals
- Hindu Undivided Families (HUFs)
ICICI Bank said the facility will soon be extended to non-individual entities and NRIs.
Why is this scheme useful?
Many taxpayers sell property or other long-term assets but are unable to reinvest the money before the Income Tax Return (ITR) filing deadline. In such cases, the CGAS allows them to park the money safely in a designated account and still claim tax exemption, provided they reinvest within the allowed time period.
How to open a CGAS account?
Customers can open a Capital Gains Account by visiting their nearest ICICI Bank branch. However, the scheme is not available at rural branches, as per CGAS rules.
What is the Capital Gains Account Scheme (CGAS)?
CGAS is a government-backed scheme that allows taxpayers to temporarily deposit their capital gains if they plan to reinvest later in assets like a house or specified bonds. The scheme ensures that taxpayers do not lose tax benefits just because reinvestment is delayed.
Taxpayers are advised to consult their tax advisors for claiming exemptions and understanding which assets qualify under the CGAS.
