taxaaram taxaaram 
Amongst the total 85 proposed Budget amendments in the Finance (No.2) Bill, 2024, the amendment in respect of the taxability of long-term capital gains (LTCG) income arising on sale of an immovable property (land and building), w.e.f. 23.7.2024 and onwards, has caught the attention and interest of everyone. In this piece I have tried to decode all the nuances of this critical budget amendment with practical calculations.
Proposed Amendment in the Finance (No. 2) Bill, 2024
The Finance (No.2) Bill, 2024, proposes to reduce the tax rate on long-term capital gains arising on sale of immovable property (land and building) from 20% to 12.5%, w.e.f. 23.7.2024. However, at the same time, the existing indexation benefit available under second proviso to sect.