The amendment to the Budget 2024 proposal on removal of indexation benefits on property sales has given relief to those who could be impacted by the retrospective taxation element.
Real EstateLtcgTaxationBudget 2024Indexation BenefitsReal Estate NewsAug 08, 2024
The new tax rate on LTCG from transfer of immovable properties is 12.5% without indexation.
The grandfathering clause provides an option to taxpayers to calculate the tax on LTCG from transfer of an immovable property acquired before July 23, 2024, either at 12.5% without indexation or at 20% with indexation, whichever is beneficial to the taxpayer.
The amendment to the Budget 2024 proposal is expected to give a fillip to the real estate sector as it will encourage people to buy and sell properties without the fear of retrospective taxation.
The fair market value of a property as on April 1, 2001, as per the provisions of the Income-Tax Act, 1961, is the actual market value of the property or its stamp duty value, whichever is lower, as on the said date.
Taxpayers, including individuals and Hindu Undivided Family, can avail the benefit of the grandfathering clause introduced in the Finance (No. 2) Bill, 2024.
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