Capital gain after 23rd July 2024

All the assets other than the land and building are not allowed indexation after July 2025. Not even 'Right in any property', so the ITR utility is correct for the same.

If there would be any land or building sale same scenario. 

No, if acquired before July, 2025.

NRI selling rights in a flat (Jaypee project) acquired in 2012:

• Rights in an under-construction property are a capital asset; held more than 24 months, so long-term. For transfers on or after 23 July 2024, LTCG is taxed at 12.5% without indexation. The option to use 20% with indexation (for land or building acquired before 23 July 2024) is available only to resident individuals and HUFs, so an NRI doesn't get it.

• The buyer deducts TDS under 195; a lower deduction certificate (Sec 197) can reduce it.

The sale on 1 December 2025 falls under the post-23 July 2024 capital-gains rules. If the transferred asset is a long-term capital asset, the general rate is 12.5% without indexation; the earlier 20%-with-indexation option is not generally available for an NRI. The limited grandfathering relief allowing a comparison between the two methods applies to qualifying land or building acquired before 23 July 2024 by a resident individual or HUF—not an NRI, and not automatically to a contractual right in a property under construction.

Whether the right is long-term depends on its legal character and holding period: a right to acquire property is generally tested from the date that right was acquired, but the allotment agreement and transfer documents should be checked. If held for more than 24 months, compute the gain under the applicable 12.5% method, allowing eligible transfer expenses and cost of acquisition; do not claim indexation merely to create a loss. On the figures given, the apparent gain is ₹5 lakh before allowable costs, so there is no capital loss unless documented eligible costs or other adjustments reduce it. Confirm whether ₹75 lakh is the actual cost of the right and whether the transfer was of that right rather than completed property.

For this transaction, the return computation should first classify the asset and holding period, then reconcile the indexed figure shown by any software with the post-amendment tax treatment. Manual practice work across capital-gains calculations and NRI return schedules is difficult; automation reduces repetitive work while professional judgment remains in control. At Jir AI, our 2,000+ AI agents and 650+ integrations streamline GST, ITR, TDS, TCS and other compliance workflows, helping reduce manual workload by up to 70%. WhatsApp us to explore how it fits your workflow: https://wa.me/message/3HVOZ7HIY4ESC1