<\/span><\/h2>\n\n\n\nA long-term capital asset means an asset held by an assessee for more than 12\/24\/36 months (depending upon the type of asset) immediately preceding the date of its transfer.<\/p>\n\n\n\n<\/span>When does an immovable property deemed to be a long-term capital asset?<\/span><\/h2>\n\n\n\nAn immovable property, being land or building or both, when sold, would be treated as long-term capital gains (LTCG), if the period of holding is more than 24 months.<\/p>\n\n\n\n
<\/span>Tax implications on Long-term capital gains for immovable property<\/span><\/h2>\n\n\n\nWhen it comes to LTCG on sale of property, we have two situations based on the date of sale of property:<\/p>\n\n\n\n
<\/span>Property sold before 23rd July, 2024- 20% with factoring indexation benefit<\/span><\/h3>\n\n\n\n[Applicable Tax Rate- 20.8% (including health and education cess @4%)]<\/p>\n\n\n\n
<\/span>Property sold on or after 23rd July, 2024- 12.5% without factoring indexation benefit<\/span><\/h3>\n\n\n\n[Applicable Tax Rate- 13% (including health and education cess @4%)]<\/p>\n\n\n\n
Hence, the taxpayers can exercise either of the options above in case of sale of property.<\/p>\n\n\n\n
However, these options shall be restricted for purchases made on or before 22nd July, 2024.<\/p>\n\n\n\n
<\/span>Eligibility of the new scheme as proposed in the Budget 2024<\/span><\/h2>\n\n\n\nThese options are available only for Individuals and Hindu Undivided Family (HUF) and not for any other classes such as Companies\/ LLPs\/ firms.<\/p>\n\n\n\n
Further, these options are available for both residential and commercial properties.<\/p>\n\n\n\n
<\/span>Computation of tax on long-term capital gains from sale of property<\/span><\/h2>\n\n\n\nParticulars<\/strong><\/td>Amount<\/strong><\/td>Amount<\/strong><\/td><\/tr>Full value of sale consideration<\/td> XXX<\/td> <\/td><\/tr> Less: Expenses incurred wholly and exclusively in connection with such transfer<\/td> XXX<\/td> <\/td><\/tr> Net Sale Consideration<\/strong><\/td><\/td> XXX<\/strong><\/td><\/tr>Less: Indexed Cost of Acquisition<\/td> XXX<\/td> <\/td><\/tr> Less: Indexed Cost of Improvement<\/td> XXX<\/td> <\/td><\/tr> Long-term capital gains (LTCG)<\/strong><\/td><\/td> XXX<\/strong><\/td><\/tr>Less: Exemption u\/s 54\/54B\/54D\/54EC\/54F<\/td> <\/td> XXX<\/td><\/tr> Taxable Long-term capital gains (LTCG)<\/strong><\/td><\/td> XXX<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\nThe calculation of Indexed Costs are given below:<\/p>\n\n\n\n
Indexed Cost of Acquisition =<\/strong> Cost of Acquisition * Cost Inflation Index (CII) for the year in which the asset is transferred \/ Cost Inflation Index (CII) for the year in which the asset was first held by the assessee or P. Y. 2001-02, whichever is later.<\/p>\n\n\n\nIndexed Cost of Improvement =<\/strong> Cost of Improvement * Cost Inflation Index (CII) for the year in which the asset is transferred \/ Cost Inflation Index (CII) for the year in which the improvement took place.<\/p>\n\n\n\nCost Inflation Index (CII) in relation to a previous year means such index as may be notified by the Central Government having regard to 75% of average rise in the Consumer Price Index (Urban) for the immediately preceding previous to such previous year.<\/p>\n\n\n\n
This index shall be notified by the Central Board of Direct Taxes (CBDT) every year. CII for the financial year 2024-25 (AY 2025-26) shall be 363.<\/p>\n\n\n\n
Treatment of long-term capital loss arising from transfer made<\/p>\n\n\n\n
Long-term capital loss arising from transfer made will be a lowed to be set-off and carried forward in accordance with the provisions of the Income Tax Act, 1961. It can be set-off against any other long-term capital gains and unabsorbed loss can be carried forward to subsequent eight years for set-off against long-term capital gains.<\/p>\n\n\n\n
<\/span>Tax Exemptions available on long-term capital gains<\/span><\/h2>\n\n\n\nParticulars<\/strong><\/td>Conditions<\/strong><\/td><\/tr>Section 54<\/td> 1. Available for Individual\/ HUF Section 54B<\/td> 1. Available for Individual\/ HUF Section 54D<\/td> 1. Available for any assessee Section 54EC<\/td> 1. Available for any assessee Section 54F<\/td> 1. Available for Individual\/ HUF<\/span>Conclusion<\/span><\/h2>\n\n\n\nThis sums up the fundamentals, tax rates, tax implications, exemptions etc. as per latest changes proposed in the Union Budget 2024. The indexation benefit has been currently removed in the Budget to bring all asset classes under one rate and to lower tax liability. This article may help to decipher the practical implications of capital gains in an easier manner.<\/p>\n\n\n\n
<\/span>FAQs<\/span><\/h2>\n\n\n\nIs long term capital gains on immovable property exempt?<\/strong> Long-term capital gains on immovable property are not exempt but you can save tax u\/s 54, if you reinvest the proceeds in another residential property.<\/p> <\/div>
What is the holding period of immovable property for capital gains?<\/strong> When a holding period of any immovable property more than 24 months, then it is classified as a long-term capital asset and taxed under LTCG rules.<\/p> <\/div>
What is the basic exemption for long term capital gains?<\/strong> The exemption limit for LTCG on equity shares or equity-oriented units has increased from Rs. 1 lakh to Rs. 1.25 lakh per year. However, the tax rate on gains has risen from 10% to 12.5%.<\/p> <\/div> <\/div>\n","protected":false},"excerpt":{"rendered":"
Long-term capital gain mean arising from the transfer of long term capital asset. What is a long-term capital asset? A […]<\/p>\n","protected":false},"author":6,"featured_media":539,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[5],"tags":[],"class_list":["post-538","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-gains-tax"],"yoast_head":"\r\n
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Seetharam","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/78b5101dc51a6bdf622917fe10dddf6a0eeb09d7280a1bc4eee34515a53d5a85?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/78b5101dc51a6bdf622917fe10dddf6a0eeb09d7280a1bc4eee34515a53d5a85?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/78b5101dc51a6bdf622917fe10dddf6a0eeb09d7280a1bc4eee34515a53d5a85?s=96&d=mm&r=g","caption":"Chaitra Seetharam"},"url":"https:\/\/www.caclubindia.com\/guide\/author\/chaitra-s\/"},{"@type":"Question","@id":"https:\/\/www.caclubindia.com\/guide\/long-term-capital-gain\/#faq-question-1724048024294","position":1,"url":"https:\/\/www.caclubindia.com\/guide\/long-term-capital-gain\/#faq-question-1724048024294","name":"Is long term capital gains on immovable property exempt?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Long-term capital gains on immovable property are not exempt but you can save tax u\/s 54, if you reinvest the proceeds in another residential property.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/www.caclubindia.com\/guide\/long-term-capital-gain\/#faq-question-1724048031748","position":2,"url":"https:\/\/www.caclubindia.com\/guide\/long-term-capital-gain\/#faq-question-1724048031748","name":"What is the holding period of immovable property for capital gains?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"When a holding period of any immovable property more than 24 months, then it is classified as a long-term capital asset and taxed under LTCG rules.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/www.caclubindia.com\/guide\/long-term-capital-gain\/#faq-question-1724048220890","position":3,"url":"https:\/\/www.caclubindia.com\/guide\/long-term-capital-gain\/#faq-question-1724048220890","name":"What is the basic exemption for long term capital gains?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"The exemption limit for LTCG on equity shares or equity-oriented units has increased from Rs. 1 lakh to Rs. 1.25 lakh per year. 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