Capital gains tax on real estate: Lok Sabha passes Finance Bill, amends LTCG tax provision on immovable properties
4 months, 2 weeks ago

Capital gains tax on real estate: Lok Sabha passes Finance Bill, amends LTCG tax provision on immovable properties

The Hindu  

The Finance Bill 2024 was passed in the Lok Sabha on Wednesday with an amendment relaxing the recently introduced new capital gains tax on real estate. The amendment comes after a proposal to remove indexation benefit in calculation of long-term capital gains on sale of immovable properties in the Budget 2024-25 had evoked criticism from various corners, including Opposition parties and tax professionals. On the Opposition’s demand for removal of Goods and Services Tax on health and life insurance premiums, the Union Minister said that 75% of the GST collected goes to States. Opposition MPs staged a walkout after a furore over the government not taking up an amendment in the Finance Bill to withdraw the 18% GST levy on medical and life insurance premiums.

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History of this topic

Nirmala Sitharaman on LTCG amendment: 'We have courage to change'
4 months, 2 weeks ago

Nirmala Sitharaman on LTCG amendment: 'We have courage to change'

Hindustan Times  

Finance minister Nirmala Sitharaman said that the new amendments to Finance Bill 2024 will not impose any additional tax burden concerning the long-term capital gains tax on real estate sales. Replying to the House discussion on the Finance Bill in the Lok Sabha, the minister said: “Every time we present the Budget…I have gone around the country to various destinations, …

FM Nirmala Sitharaman announces amendment to LTCG tax proposal, offers new options
4 months, 2 weeks ago

FM Nirmala Sitharaman announces amendment to LTCG tax proposal, offers new options

Hindustan Times  

Union finance Minister Nirmala Sitharaman on Wednesday announced that the contentious long-term capital gains tax proposal on real estate is being revised. The announcement came after the Budget 2024-25 plan to remove indexation benefits for long-term capital gains on property sales faced strong criticism from opposition parties and tax experts. The Budget presented on July 23 had proposed a reduced …

Parliament Monsoon Session: Lok Sabha passes Finance Bill 2024
4 months, 2 weeks ago

Parliament Monsoon Session: Lok Sabha passes Finance Bill 2024

India TV News  

Parliament Session: The Lok Sabha today passed the Finance Bill 2024 after the government relaxed the just-introduced new capital gains tax on real estate, allowing taxpayers an option to switch to a new lower tax rate or stay with the old regime that had higher rate with indexation benefit. Finance Minister Nirmala Sitharaman, who in her Budget for 2024-25 proposed …

Lok Sabha passes Finance Bill, amends LTCG tax provision on immovable properties
4 months, 2 weeks ago

Lok Sabha passes Finance Bill, amends LTCG tax provision on immovable properties

New Indian Express  

NEW DELHI: The Lok Sabha on Wednesday passed the Finance Bill 2024, after the government relaxed the just-introduced new capital gains tax on real estate, giving taxpayers the option to switch to a new lower tax rate or stay with the old regime that had a higher rate with indexation benefit. Finance Minister Nirmala Sitharaman, in her Budget for 2024–25, …

Lok Sabha passes Bill to allow government expenditure for FY 2024-25
4 months, 2 weeks ago

Lok Sabha passes Bill to allow government expenditure for FY 2024-25

The Hindu  

The Lok Sabha on Monday approved about ₹ 140 lakh crore in expenditure demands by different ministries of the Central Government, completing two-thirds of the legislative approvals needed for the full Budget of 2024–25. The lower house, which last week debated the Budget, approved demands for grants as well as the Appropriation Bill 2024, which authorises the government to use …

Budget 2024: Selling old property to attract more tax. Here's why
5 months ago

Budget 2024: Selling old property to attract more tax. Here's why

India Today  

If you are planning to sell your old property, prepare for higher taxes on the transaction following the Union Budget 2024-25. During her speech, Finance Minister Nirmala Sitharaman announced changes to long-term capital gains taxation, including the removal of the indexation benefit for capital gains tax on real estate sales, which will affect most property owners. In an effort to …

Bill to ease setting up of GST tribunals
1 year ago

Bill to ease setting up of GST tribunals

Live Mint  

New Delhi: Finance Minister Nirmala Sitharaman on Wednesday tabled an amendment bill in the Lok Sabha to make it easier to set up GST appellate tribunals by modifying the terms of appointment of members. The Central GST Bill, 2023, seeks to expand the pool of candidates for appointment as judicial members to the tribunals to include advocates with 10 years …

Lok Sabha passes GST Bills to levy 28% tax on e-gaming, casinos
1 year, 4 months ago

Lok Sabha passes GST Bills to levy 28% tax on e-gaming, casinos

Hindustan Times  

Lok Sabha on Friday approved amendments to the Central and Integrated GST laws to levy 28 per cent tax on the full face value of bets in online gaming, casinos and horse race clubs. Finance Minister Nirmala Sitharaman speaks in the Lok Sabha during the Monsoon session of Parliament Finance Minister Nirmala Sitharaman introduced bills in the House on Friday, …

Parliament: Lok Sabha passes Bill to levy 28 pc tax on on e-gaming, casinos
1 year, 4 months ago

Parliament: Lok Sabha passes Bill to levy 28 pc tax on on e-gaming, casinos

India TV News  

GST on online gaming: Lok Sabha passed amendments to Central, Integrated GST laws to levy 28 pc tax on e-gaming, casinos on Friday. Finance Minister Nirmala Sitharaman =introduced Bills seeking to amend the Central and Integrated GST laws to levy 28 per cent tax on the full face value of bets in online gaming, casinos and horse race clubs. Sitharaman …

Lok Sabha passes Finance Bill 2023
1 year, 8 months ago

Lok Sabha passes Finance Bill 2023

Deccan Chronicle  

NEW DELHI: Finance minister Nirmala Sitharaman announced the setting up of a committee headed by the finance secretary to look into pension issues of government employees while maintaining fiscal prudence to protect common citizens. She made the announcement while seeking 64 amendments to the Finance Bill 2023, including providing marginal relief to tax payers under the new regime, and removing …

Finance Bill 2023 was approved with amendments. Here are the highlights
1 year, 8 months ago

Finance Bill 2023 was approved with amendments. Here are the highlights

The Hindu  

The Finance Bill 2023 was been passed in Lok Sabha without a discussion and the House was adjourned to meet again on March 27. The Reserve Bank of India is being requested to look into this with a view to bring credit card payments for foreign tours within the ambit of LRS and tax collection at source thereon.” Withholding tax …

Finance Bill 2023 passed in Lok Sabha with THESE major amendments. Details here
1 year, 8 months ago

Finance Bill 2023 passed in Lok Sabha with THESE major amendments. Details here

Live Mint  

The Lok Sabha on Friday, March 24, passed the Finance Bill, 2023 with some amendments. Union Finance Minister Nirmala Sitharaman tabled ‘The Finance Bill, 2023’ in the lower house amid sloganeering by Opposition MPs demanding a JPC inquiry into the Adani Group issue. While moving the Finance Bill 2023 in the Lok Sabha for consideration and passage, the minister also …

Budget 2023: Will FM Sitharaman revise the long-term pending income tax exemptions limit?
1 year, 10 months ago

Budget 2023: Will FM Sitharaman revise the long-term pending income tax exemptions limit?

India TV News  

Budget 2023: As the Union Budget 2023 would be the last full term budget to be presented before the 2024 Lok Sabha elections, there are high hopes that Finance Minister Nirmala Sitharaman will change the tax rates for Indian taxpayers. In addition, key decisions regarding the long-term capital gains tax on equity investment and measures to increase demand for the …

Modi@8: A Look at Eight Key Legislations of the Narendra Modi Govt Since 2014 & Their Impact
2 years, 6 months ago

Modi@8: A Look at Eight Key Legislations of the Narendra Modi Govt Since 2014 & Their Impact

News 18  

The Narendra Modi government completes eight years in power on May 26, with the prime minister saying the tenure has been dedicated to India’s social justice, balanced development and social security. On eight years of the government, News18 takes a look at eight key legislations: Triple Talaq Law: In a major victory for Muslim women and a step which cemented …

Lok Sabha passes Finance Bill
2 years, 8 months ago

Lok Sabha passes Finance Bill

Deccan Chronicle  

New Delhi: The Finance Bill 2022, moved by finance minister Nirmala Sitharaman, was passed in the Lok Sabha on Friday. The government has reportedly proposed 39 amendments to the Finance Bill, 2022, including changes to the crypto tax structure; penalty provisions on publication of import-export data and status of past income computations that claimed deduction of disallowed cess and surcharges. …

India’s sovereign right to tax intact after amendment: FM
3 years, 4 months ago

India’s sovereign right to tax intact after amendment: FM

Live Mint  

Finance minister Nirmala Sitharaman on Monday told the Rajya Sabha that the amendment to the 2012 retrospective income tax law will not dilute India’s sovereign right to tax. The Rajya Sabha on Monday passed the bill scrapping the retrospective amendment that had sparked a flurry of litigation, including international arbitration by Vodafone Plc and Cairn Energy Plc, which India lost …

Rajya Sabha approves Tax Amendment bill to end retrospective taxation
3 years, 4 months ago

Rajya Sabha approves Tax Amendment bill to end retrospective taxation

Live Mint  

A bill that aims to end all retrospective taxation imposed on indirect transfer of Indian assets was approved by Rajya Sabha on Monday amid continuous protests by the opposition. Rajya Sabha on Monday took up The Taxation Laws Bill, 2021, with Opposition Congress, DMK and TMC staging a walkout, saying adequate time was not given to them to prepare for …

US body hails Indian govt's move to withdraw retrospective tax law
3 years, 4 months ago

US body hails Indian govt's move to withdraw retrospective tax law

Firstpost  

Yesterday’s Bill introduced by the Finance Ministry will only encourage more international investments into India and is a welcome relief for companies who have long invested in the country US-India Strategic and Partnership Forum on Thursday applauded the Indian move to withdraw the retrospective law relating to tax on indirect transfers. USISPF applauds India’s move to withdraw the retrospective tax …

Centre introduces Bill in Lok Sabha to withdraw retrospective tax demands on Cairn, Vodafone
3 years, 4 months ago

Centre introduces Bill in Lok Sabha to withdraw retrospective tax demands on Cairn, Vodafone

Firstpost  

New Delhi: In a bid to bury the ghost of retrospective taxation, the government on Thursday brought a Bill in the Lok Sabha to withdraw all back tax demands on companies such as Cairn Energy and Vodafone and said it will refund the money collected to enforce such levies. Finance Minister Nirmala Sitharaman introduced ‘The Taxation Laws Bill, 2021’ in …

Govt amends Income Tax Act, retrospective tax rule junked
3 years, 4 months ago

Govt amends Income Tax Act, retrospective tax rule junked

India TV News  

In a bid to bury the ghost of retrospective taxation, the government on Thursday brought a bill in the Lok Sabha to withdraw all back tax demands on companies such as Cairn Energy and Vodafone and said it will refund the money collected to enforce such levies. Finance Minister Nirmala Sitharaman introduced 'The Taxation Laws Bill, 2021' in the Lok …

BREAKING : Centre Introduces Taxation Laws Amendment Bill To Nullify Retrospective Tax Demand Provision Brought By Finance Act 2012
3 years, 4 months ago

BREAKING : Centre Introduces Taxation Laws Amendment Bill To Nullify Retrospective Tax Demand Provision Brought By Finance Act 2012

Live Law  

The Union Ministry of Finance on Thursday introduced the Taxation Laws Bill 2021 in the Lok Sabha to nullify the effect of the amendment brought by Finance Act 2012 to impose tax liability on gains arising from indirect transfer of Indian assets with retrospective effect.The 2012 amendment was passed to overturn the Supreme Court verdict in the Vodafone case which …

Lok Sabha Passes Finance Bill 2021
3 years, 9 months ago

Lok Sabha Passes Finance Bill 2021

Live Law  

The Lok Sabha on Tuesday passed the Finance Bill, 2021 to give effect to the financial proposals of the Central Government for the financial year 2021-2022. Apart from the Finance Act, the Bill also proposes to amend the Income Tax Act, 1961; Life Insurance Corporation Act, 1956; the Securities Contracts Act, 1956; the Central Sales Tax Act, 1956; the SEBI …

Parliament proceedings Sept. 15 updates | Lok Sabha passes Essential Commodities (Amendment) Bill, 2020
4 years, 3 months ago

Parliament proceedings Sept. 15 updates | Lok Sabha passes Essential Commodities (Amendment) Bill, 2020

The Hindu  

After a smooth start to monsoon session of Parliament on Monday, government introduced two more Bills in Rajya Sabha. Parliament proceedings: Sept. 14 updates Here are the live updates: Lok Sabha | 7.45 pm Lok Sabha passes Essential Commodities Bill Consumer Affairs, Food and Public Distribution Minister Raosaheb Patil Danve responds to the issues raised during discussion: "The 1955 Act …

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