- The scheme allows taxpayers to deposit capital gains in designated accounts to claim exemptions under Sections 54, 54B, 54D, 54F, 54G, 54GA, and 54GB of the Income-tax Act.
- It now permits digital payments like UPI, net banking, cards, IMPS, RTGS, NEFT, and BHIM Aadhaar Pay, replacing the earlier cheque/demand draft-only system.
- Electronic account statements are recognized as valid, reducing paperwork. From 2027, online account closure will be mandatory.
- Coverage has expanded to 19 private and small finance banks along with PSBs and IDBI Bank.
- This update enhances taxpayer convenience, transparency, and supports India’s Digital India vision while easing access to capital gains tax exemptions.
Question:
Q.1 Under the Capital Gains Accounts (Second Amendment) Scheme, 2025, taxpayers can claim exemptions under which Income-tax Act sections?a) Sections 40, 43B, 44AD
b) Sections 54, 54B, 54D, 54F, 54G, 54GA, 54GB
c) Sections 70, 71, 72, 73
d) Sections 80C to 80U
Answer: b) The scheme allows taxpayers to deposit capital gains in designated accounts to claim exemptions under Sections 54, 54B, 54D, 54F, 54G, 54GA, and 54GB of the Income-tax Act.
