Union Finance Minister Nirmala Sitharaman within the Lok Sabha in the course of the Monsoon session of Parliament, in New Delhi, Tuesday, Aug. 6, 2024.
| Picture Credit score: PTI
In a bid to nip the widespread criticism of the adjustments within the long-term capital features tax regime introduced within the Price range, the federal government has determined to grant some reduction 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 features 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 belongings like land and constructing acquired earlier than July 23 this yr, and pay whichever tax levy works out to be decrease of their case.
