Real Estate Experts Hail Amendment to Finance Bill, Offering Flexibility in LTCG Tax Rates
Industry leaders welcome the amendment introduced by Finance Minister Nirmala Sitharaman, providing taxpayers with the option to choose between a 12.5% LTCG rate without indexation or a 20% rate with indexation for properties acquired before July 23, 2024
Real EstateLtcgTax RatesFinance BillNaredcoCredaimchiReal Estate MaharashtraAug 11, 2024
Industry leaders have shared their insights on this development, reflecting the widespread relief and optimism following the Finance Bill amendment. Mr. Prashant Sharma, President, NAREDCO Maharashtra, expressed that the amendment is a significant relief for the real estate sector, which had concerns about the potential impact of the indexation proposal in Budget 2024.
Mr. Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty and Vice President, CREDAI-MCHI, stated that the amendment is a welcome relief for the real estate industry, addressing concerns raised by stakeholders and giving homeowners flexibility in managing their tax liabilities.
Mr. Rajeev Ranjan, Co-Founder & CEO, The Mentors Real Estate Advisory Pvt. Ltd, pointed out that the proposed amendment empowers taxpayers to make decisions that align with their financial strategies, particularly in a real estate market that has experienced varied growth patterns.
Mr. Vedanshu Kedia, Director, Prescon Group, said that the amendment reflects the government's responsiveness to the concerns raised by the public and shows empathy towards citizens who plan their taxes in advance.
In summary, the real estate sector has welcomed the amendment introduced by Finance Minister Nirmala Sitharaman in the Finance Bill, 2024. The amendment provides taxpayers the flexibility to choose between a 12.5% Long-Term Capital Gains (LTCG) tax rate without indexation or a 20% rate with indexation for properties acquired before July 23, 2024.
About NAREDCO
NAREDCO (National Real Estate Development Council) is a non-profit organization that aims to promote and support the development of the real estate industry in India. NAREDCO Maharashtra is the state chapter of the organization.
About CREDAI-MCHI
CREDAI-MCHI (Confederation of Real Estate Developers Association of India - Maharashtra Chamber of Housing Industry) is a trade association that represents the interests of real estate developers in Maharashtra.
Frequently Asked Questions
What is the amendment introduced by Finance Minister Nirmala Sitharaman in the Finance Bill, 2024?
The amendment offers taxpayers the choice between a 12.5% Long-Term Capital Gains (LTCG) tax rate without indexation or a 20% rate with indexation for properties acquired before July 23, 2024.
How has the real estate sector reacted to the amendment?
The real estate sector has welcomed the amendment, expressing relief and optimism following the Finance Bill amendment.
What is NAREDCO?
NAREDCO (National Real Estate Development Council) is a non-profit organization that aims to promote and support the development of the real estate industry in India.
What is CREDAI-MCHI?
CREDAI-MCHI (Confederation of Real Estate Developers Association of India - Maharashtra Chamber of Housing Industry) is a trade association that represents the interests of real estate developers in Maharashtra.
How will the amendment impact the real estate sector?
The amendment is expected to maintain investor confidence, encourage continued investment, and support the overall growth and stability of the real estate sector, benefiting both developers and homebuyers.
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