Finance Minister Nirmala Sitharaman presented her 7th budget in which she announced some changes in the new tax slabs while the old remain untouched. FM Sitharaman also proposed a long-term capital gain tax rate of 12.5% on all financial and non-financial assets including properties.
Long-term gains on all financial and non-financial assets, on the other hand, will attract a tax rate of 12.5 per cent, announced Finance Minister Nirmala Sitharaman in her budget speech. Listed financial assets held for more than a year will be classified as long-term, while unlisted financial assets and all non-financial assets will have to be held for at least two years to be classified as long-term.
"Long-term gains on all financial and non-financial assets, on the other hand, will attract a tax rate of 12.5 per cent. For the benefit of the lower and middle-income classes, I propose to increase the limit of exemption of capital gains on certain financial assets to Rs 1.25 lakh per year," said the FM. The Finance Minister also announced to remove the indexation clause for the ease of tax computation. However, this will prove detrimental for the property sellers.
It further clarified that if you bought an apartment in January 2018 for Rs 80 lakhs and sold it today for Rs 95 lakhs due to a personal emergency."This is where it gets tough. If indexation was applicable, you actually made a loss of Rs 11.76 lakhs and would have paid 'Zero' LTCG tax. But with the new method, Nirmala Sitharaman will add salt to your wound. She will take Rs 1.87 lakhs from you as LTCG. Your net loss becomes Rs 13.63 lakhs," it said.
For those unfamiliar with the Cost Inflation Index , it shows how the value of Rs 100 in 2001-02 is now Rs 363. reduced Long Term Capital Gains Tax on properties to 12.5%, but cleverly removed indexation, which adjusts the property price at the time of sale, to…The Income Tax Department also shared a test calculation scenario where it claimed that people will save taxes due to removal of the indexation.Holding period has been simplified.
Long Term Capital Gain Tax Property Tax Budget 2024 Nirmala Sitharaman Real Estate Long Term Capital Gain Tax Property Tax Budget 2024
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