Congress Demands Indexation Benefits for Stocks, FDs After Real Estate Relief
Congress urges government to extend indexation benefits to stocks, fixed deposits and other forms of savings, not just real estate. Says middle class needs more relief.
Indian National CongressTaxationLong Term Capital GainsIndexation BenefitsMiddle ClassFinance Bill 2024Real Estate NewsAug 07, 2024
The government's decision to remove indexation benefits for LTCG tax on properties had been met with widespread criticism, with many arguing that it would increase the tax burden on the middle class. However, in a surprise move, the government announced on Tuesday that it would give individuals the option to choose between two tax rates for LTCG tax on properties.
While welcoming this move, the Congress said that it was not enough and that the government should extend indexation benefits to other forms of savings as well.
Frequently Asked Questions
What is the new proposal regarding LTCG tax on properties?
The government has proposed to give individuals the option to choose between two tax rates for LTCG tax on properties, with the option to continue with indexation benefits.
Why is the Congress opposing the removal of indexation benefits?
The Congress is opposing the removal of indexation benefits because it believes that it will increase the tax burden on the middle class.
What is the Congress demanding from the government?
The Congress is demanding that the government extend indexation benefits to other forms of savings such as stocks, fixed deposits, and debt.
How will the new proposal affect individuals who purchased properties before July 23, 2024?
Individuals who purchased properties before July 23, 2024, will have the option to choose between two tax rates for LTCG tax on properties, with the option to continue with indexation benefits.
What is the significance of the campaign 'Bring Back Indexation' launched by the Congress?
The campaign 'Bring Back Indexation' is a testament to middle-class power and the power of democracy. It shows that when professionals come together and raise their voice, it will be heard.
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