Finance Minister Nirmala Sitharaman
New Delhi: The Narendra Modi government is set to ease long-term capital gains tax for the sale of properties proposed in the Union budget 2024, Hindustan Times reported quoting Reuters.
As per the report, in case of the transfer of a long-term capital asset being land or building or both either by an individual or Hindu undivided family, acquired before July 23, 2024, the taxpayer can compute his taxes under the new scheme [12.5% without indexation] and old scheme [20% with indexation] and pay such tax which is lower of the two.
Notably, Finance Minister Nirmala Sitharaman in her budget speech had announced a hike in both long-term as well as short-term capital gains tax. The Centre had also proposed to do away with the indexation benefit for the sale of property, which allowed property owners to adjust their gains for inflation.
While the short-term capital gains tax has been increased from 15 per cent to 20 per cent, LTCG will be flat at 12.5 per cent.
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