The government's recent amendment to the Finance Bill, 2024, has sparked confusion and concern around profit made on property sales and real estate transactions.
Ltcg IndexationReal EstateTaxationFinance Bill 2024Union Budget 2024Real EstateAug 07, 2024
The new tax rate on long-term capital gains for real estate transactions is 12.5% without indexation or 20% with indexation.
The scrapping of indexation benefit for real estate transactions means that sellers will not be able to adjust for the impact of inflation when calculating capital gains, resulting in a higher tax liability.
The Cost Inflation Index is used to adjust the cost of acquisition of an asset to reflect the impact of inflation, which helps in calculating the long-term capital gains tax.
The Finance Bill, 2024, is essential for implementing the budget proposals, including the reduced tax on long-term capital gains and the removal of indexation benefit for real estate transactions.
The changes in LTCG indexation for real estate transactions affect real estate investors and sellers who have acquired properties in and after 2001.
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