Option for indexation benefit for long-term capital gains on transfer of land, building or both
What changes: Resident individuals and Hindu Undivided Families can opt for the 20% rate with indexation for land, a building, or both, acquired before July 23, 2024, and transferred on or after July 23, 2024. This option can be chosen when the tax under the new law (i.e., tax calculated at 12.5% without indexation benefit) results in a higher amount.
Uniform tax rate of 12.5% for long-term capital gains on all capital assets and removal of indexed gains
What changes: The Finance (No. 2) Act, 2024, has provided for a uniform tax rate of 12.5% for long-term capital gains on all capital assets and has removed indexed gains. Therefore, for long-term capital assets transferred on or after 23.07.2024, the original cost of acquisition or improvement will be used for calculating capital gains, instead of the indexed cost of acquisition or improvement.
IN: Option to choose a 20% rate with indexation for Long Term Capital Gains (LTCG)
What changes: Resident individuals and Hindu Undivided Families can opt for a 20% rate with indexation for land, a building, or both, acquired before July 23, 2024, and transferred on or after July 23, 2024. This option can be chosen when the tax under this new rate (i.e., tax calculated at 12.5% without indexation benefit) results in a higher amount.
IN: Uniform tax rate of 12.5% for long-term capital gains on all capital assets
What changes: The Finance (No. 2) Act, 2024, has provided a uniform tax rate of 12.5% for long-term capital gains on all capital assets and removed indexed gains.
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