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property indexation
Will the government step back on property indexation? Nirmala Sitharaman gave this answer In the new provisions, the government has removed indexation.
Tax on Property:- In simple words, now more tax (Tax on Property) will have to be paid on selling an old house or plot. In such a situation, the question arises whether the government can step back on indexation? Finance Minister Nirmala Sitharaman has answered this by explaining the capital gains tax.
New Delhi:
Finance Minister Nirmala Sitharaman has made income tax free of Rs 7.75 lakh by changing the new tax regime in Budget 2024. At the same time, the Long Term Capital Gain Tax (LTCG on Asset) levied on selling property has been reduced by 7.5% to 12.5 percent. This provision will not provide as much relief as it used to get when indexation was implemented. In the new provisions, the government has removed indexation. In simple words, now you will have to pay more tax (Tax on Property) on selling an old house or plot. In such a situation, the question arises whether the government can take back its steps on indexation? Finance Minister Nirmala Sitharaman has answered this by explaining the capital gains tax.
The middle class was hoping that there would be some more relief on income tax in the budget. But this did not happen. Now they have expressed unhappiness over the removal of indexation on real estate property. What will the government do for this? In response to this, Nirmala Sitharaman said, "I cannot say anything about the indexation of property. Because the Budget of Finance Bill has been presented in the Parliament. The session of Parliament is also going on. In such a situation, if I say something through the media, then it will be crossing the parliamentary privilege."
Will the government step back on property indexation? Nirmala Sitharaman gave this answer In the new provisions, the government has removed indexation.
Tax on Property:- In simple words, now more tax (Tax on Property) will have to be paid on selling an old house or plot. In such a situation, the question arises whether the government can step back on indexation? Finance Minister Nirmala Sitharaman has answered this by explaining the capital gains tax.
New Delhi:
Finance Minister Nirmala Sitharaman has made income tax free of Rs 7.75 lakh by changing the new tax regime in Budget 2024. At the same time, the Long Term Capital Gain Tax (LTCG on Asset) levied on selling property has been reduced by 7.5% to 12.5 percent. This provision will not provide as much relief as it used to get when indexation was implemented. In the new provisions, the government has removed indexation. In simple words, now you will have to pay more tax (Tax on Property) on selling an old house or plot. In such a situation, the question arises whether the government can take back its steps on indexation? Finance Minister Nirmala Sitharaman has answered this by explaining the capital gains tax.
The middle class was hoping that there would be some more relief on income tax in the budget. But this did not happen. Now they have expressed unhappiness over the removal of indexation on real estate property. What will the government do for this? In response to this, Nirmala Sitharaman said, "I cannot say anything about the indexation of property. Because the Budget of Finance Bill has been presented in the Parliament. The session of Parliament is also going on. In such a situation, if I say something through the media, then it will be crossing the parliamentary privilege."
Tax on Property:- In simple words, now more tax (Tax on Property) will have to be paid on selling an old house or plot. In such a situation, the question arises whether the government can step back on indexation? Finance Minister Nirmala Sitharaman has answered this by explaining the capital gains tax.
New Delhi:
Finance Minister Nirmala Sitharaman has made income tax free of Rs 7.75 lakh by changing the new tax regime in Budget 2024. At the same time, the Long Term Capital Gain Tax (LTCG on Asset) levied on selling property has been reduced by 7.5% to 12.5 percent. This provision will not provide as much relief as it used to get when indexation was implemented. In the new provisions, the government has removed indexation. In simple words, now you will have to pay more tax (Tax on Property) on selling an old house or plot. In such a situation, the question arises whether the government can take back its steps on indexation? Finance Minister Nirmala Sitharaman has answered this by explaining the capital gains tax.
The middle class was hoping that there would be some more relief on income tax in the budget. But this did not happen. Now they have expressed unhappiness over the removal of indexation on real estate property. What will the government do for this? In response to this, Nirmala Sitharaman said, "I cannot say anything about the indexation of property. Because the Budget of Finance Bill has been presented in the Parliament. The session of Parliament is also going on. In such a situation, if I say something through the media, then it will be crossing the parliamentary privilege."
