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The Centre has moved an amendment allowing long-term capital gains taxes on property purchases made before July 23, 2024, to be calculated under the new 12.5 per cent rate without indexation and the old 20 per cent rate with indexation. As per the amendment introduced by the government following Budget 2024 announcement by Finance minister Nirmala Sitharaman taxpayers can choose the more favourable option of the two mentioned above. This change will be introduced in the Finance Bill which was tabled in the Lok Sabha on August 6.
In Budget 2024, Nirmala Sitharaman announced withdrawal of indexation benefits from real estate and lowered the long-term capital gains (LTCG) tax from 20% to 12.5%. This was criticized by industry experts who pointed out that a large number of real estate owners- especially those owning residential property- may see a significant increase in their tax burden once new regime kicks in.
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In Budget, Nirmala Sitharaman announced withdrawal of indexation benefits from real estate and lowered the long-term capital gains (LTCG) tax from 20% to 12.5%
The Centre has moved an amendment allowing long-term capital gains taxes on property purchases made before July 23, 2024, to be calculated under the new 12.5 per cent rate without indexation and the old 20 per cent rate with indexation. As per the amendment introduced by the government following Budget 2024 announcement by Finance minister Nirmala Sitharaman taxpayers can choose the more favourable option of the two mentioned above. This change will be introduced in the Finance Bill which was tabled in the Lok Sabha on August 6.
What Nirmala Sitharaman announced in Budget 2024?
In Budget 2024, Nirmala Sitharaman announced withdrawal of indexation benefits from real estate and lowered the long-term capital gains (LTCG) tax from 20% to 12.5%. This was criticized by industry experts who pointed out that a large number of real estate owners- especially those owning residential property- may see a significant increase in their tax burden once new regime kicks in.
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