In an obvious bid to nip the widespread criticism of the modifications within the long-term capital positive aspects tax regime introduced within the Price range, the Authorities has determined to grant some aid on the provisions pertaining to taxation of immovable property.
Finance Minister Nirmala Sitharaman had introduced in her Price range speech that the tax on long-term capital positive aspects was being diminished from 20% with indexation advantages, to 12.5% with out indexation advantages.
Now, it’s learnt that the Ministry has included an modification to the Finance Invoice, 2024, to successfully give taxpayers a selection to decide on between these two tax charges for immovable property like land and constructing acquired earlier than July 23 this 12 months, and pay whichever tax levy works out to be decrease of their case.
