Quick Summary
In a significant development, President Droupadi Murmu on 16th August 2024, Friday gave her assent to the Finance (No 2) Bill, 2024, officially enacting it into law. This marks the conclusion of the budget exercise for the FY 2024-25, the first full-fledged budget under the Modi 3.0 administration.
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FAQ :
President Droupadi Murmu gave her assent to the Finance (No 2) Bill, 2024, on 16th August 2024.
Its enactment marks the conclusion of the budget exercise for FY 2024-25 and solidifies the government's fiscal policies for the year.
A notable amendment relaxes the long-term capital gains tax regime on real estate, allowing taxpayers to choose between a new lower rate (12.5% without indexation) or the old regime (higher rate with indexation).
The bill was passed by the Lok Sabha with 45 official amendments through a voice vote, and subsequently returned by the Rajya Sabha.
The amendment was proposed by Finance Minister Nirmala Sitharaman.
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