New Delhi, Nov. 25 -- The Capital Gains Accounts Scheme (CGAS), which allows taxpayers to deposit their unutilised capital gains in a separate account, thereby enabling them to save taxes, has just got a makeover. The Ministry of Finance has notified the Capital Gains Accounts (Second Amendment Scheme) on November 19, bringing changes in CGAS that will be beneficial to taxpayers.

These include expansion in the list of banks to include the private sector that will offer CGAS accounts, acceptance of electronic mode of payments, including UPI (Unified Payments Interface) and online closure of CGAS accounts from April 1, 2027.

CGAS is especially beneficial for sellers of property as they can deposit their unutilised capital gains for up to ...