Quick Summary
In a major relief to the real estate sector, Lok Sabha on Wednesday approved the Finance Bill 2024 carrying relaxed capital gains tax provisions in respect of land or building. The Bill, which was first proposed by Finance Minister Nirmala Sitharaman in the Budget for 2024-25, provides a choice of alternative to taxpayers - to continue under the old regime with indexation benefits or go for a new lower tax rate. Key Highlights New Tax Rates: The Finance Bill 2024 lowers the long-term capit
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FAQ :
The Finance Bill 2024 introduces a new long-term capital gains tax rate of 12.5% on real estate, down from the previous 20%.
Yes, taxpayers who purchased properties before July 23, 2024, can choose between the new 12.5% rate without indexation or the old 20% rate with indexation.
The Finance Bill 2024 was approved with 45 official amendments.
The bill aims to boost investment and consumption, with specific provisions to provide relief to the real estate sector and middle-class investors.
The bill has moved to the Rajya Sabha for approval or suggested amendments, after which it will return to the Lok Sabha.
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