India's Budget 2024 removes indexation benefit for property sales, increasing long-term capital gains tax rate to 12.5%.
In Budget 2024, India's Finance Minister Nirmala Sitharaman announced the removal of indexation benefit for property sales, impacting individuals planning to sell their property soon. The new tax rate for long-term capital gains on property sales will be 12.5% without indexation benefit, increasing tax liability. The Nifty Realty index fell over 4% due to this change, affecting shares of major real estate companies.
July 23, 2024
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