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Govt offers taxpayers option to calculate capital gains tax on real estate
Updated On: 06 August, 2024 10:31 PM IST | Mumbai | mid-day online correspondent
The LTCG-related announcements made in the Budget are thought to have been significantly rolled back by these revisions
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Nirmala Sitharaman with red `Bahi Khata`/ Pallav Paliwal
The government has proposed significant relief for taxpayers in terms of capital gains tax on real estate properties, giving them the option of paying a 20 per cent tax rate with indexation or a 12.5 per cent tax rate without indexation.
According to the amendments to the Finance Bill, 2024, circulated to Lok Sabha members, an individual or HUF purchasing a home before July 23, 2024, can compute his taxes under the new scheme of 12.5 per cent without indexation and the old scheme of 20 per cent with indexation, and pay the lower of the two.
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