Tougher tax rules for property owners but rollover relief offers solace

Quick Summary:

The rollover benefits aim to soften the blow for those reinvesting their proceeds in other residential properties.

Assuming he sold this property for Rs 1,00,000, he will be subjected to tax only on Rs 60,000 at the rate of 12.5% (1,00,000 - 40,000), without any indexation benefits.

The removal of indexation for property taxation means that homeowners will now bear the full brunt of inflation.

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Article Details

Category: BusinessFinance

Markets: India

Topics: Financial news Real estate Real estate prices in Delhi Property tax Indexation Delhi NCR Real estate Capital gains tax Property tax rules Rental income rules Tax evasion House property income PGBP Anarock Rollover relief Land deals Rental income tax Rollover benefits Tax deductions Tax loophole Budget 2024 Long term capital gaind tax Property tax in India Income from house property Property investment

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News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-29 @ 13:42:52 (8 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 801 words

Reading Time: 5 minutes read

Sentences: 33 lines

Sentence Length: 25 words per sentence (average)

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Copyright Owner: © Business Standard

News ID: 21821050

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