Q1. With reference to the Capital Gains Accounts Scheme (CGAS), 1988, which one of the following statements describes it most accurately?
- A. It is a facility under which an assessee may temporarily deposit unutilised capital gains in a designated bank account to preserve eligibility for capital-gains tax exemption pending reinvestment
- B. It is a tax-free bond scheme that wholly exempts long-term capital gains if held for at least five years
- C. It is a deposit insurance scheme that fully guarantees capital invested in equity markets against any loss
- D. It is a government scheme that permanently waives capital-gains tax for individual taxpayers below a fixed income threshold