To begin with, the Long Term Capital Gains Tax on property sales has been reduced from 20% to 12.5% and the Short Term Capital Gains tax on certain assets will increase from 15% to 20%.
While the rationalisation is welcome, the budget fine print reveals that indexation benefit on real estate has been removed, which could lead to a higher tax outgo. It may be noted that the indexation benefit also applies to gold and other unlisted asset classes. No indexation at all has huge implications. Those who have held a property for 15 years and seen the prices double would otherwise have not paid any capital gains tax due to indexation. Now, they will pay 12.5%, pointed out a user on X.
Esta historia es de la edición July 24, 2024 de The Free Press Journal.
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Esta historia es de la edición July 24, 2024 de The Free Press Journal.
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