Sitharaman proposes amendments to LTCG tax provision on immovable properties, offers two options to taxpayers

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Times of India 11h ago

Sitharaman proposes amendments to LTCG tax provision on immovable properties, offers two options to taxpayers - Times of India

Quick Summary:

Finance minister Nirmala Sitharaman announced amendments to the Long-Term Capital Gains tax on real estate, offering taxpayers the option to calculate tax liability using either the old system or reduced rates without indexation.The new rate is 12.5 percent, down from 20 percent.

A key amendment in the Bill addresses the restoration of indexation benefit for properties purchased before July 23, 2024.

Taxpayers will now have the choice to calculate their tax liability using either the old system or the reduced rates without indexation, and pay the lower of the two amounts.