Nirmala Sitharaman on LTCG amendment: 'We have courage to change'
5 months 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, met tax professionals, industry, traders, and all stakeholders, taken their view and brought in amendments, so that the Budget will be represented to the common people aspirations.” Union Finance minister Nirmala Sitharaman speaks in the Lok Sabha during the Monsoon session of Parliament, in New Delhi. This comes after the Centre brought a new amendment to the Bill which allows taxpayers to choose between a 12.5 per cent LTCG tax rate without indexation and a 20 per cent rate with indexation for property acquired before July 23, 2024. Nirmala Sitharaman told Lok Sabha, “Without drastically increasing taxes, we have brought in a simplified taxation regime and eased compliance.

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History of this topic

The Concerns Around Budgetary Changes Made to Indexation and the LTCG Structure
5 months ago

The Concerns Around Budgetary Changes Made to Indexation and the LTCG Structure

The Quint  

Long-term investors in debt mutual funds previously benefited from indexation, which, after holding the investment for five or six years, significantly reduced their tax liability on the modest returns of six to seven percent typically offered by these funds. The finance minister assured in the last Budget that existing holdings would be grandfathered, offering some protection to these conservative investors. …

Big relief for homeowners as government gives options on long term capital gains tax
5 months ago

Big relief for homeowners as government gives options on long term capital gains tax

Hindustan Times  

The Lok Sabha on August 7 passed the Finance Bill 2024 and amended the long term capital gains tax provision on immovable properties giving taxpayers an option to switch to a new lower tax rate or stay with the old regime that had higher rate with indexation benefit. The government's revised budget announcement allows taxpayers to pick between a 12.5% …

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

LTCG amendment: Experts cheer decision to restore indexation benefit for property. Why this govt move matters
5 months ago

LTCG amendment: Experts cheer decision to restore indexation benefit for property. Why this govt move matters

Live Mint  

Land and building owners now have a reason to cheer. The government has proposed an amendment to the Finance Bill 2024 regarding long-term capital gains tax, thereby relieving property owners of the extra tax burden that would have arisen on account of the latest changes announced by Finance Minister Nirmala Sitharaman on July 23 in the Union Budget 2024. What …

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

Indexation back in real estate as taxpayers get rate choices
5 months ago

Indexation back in real estate as taxpayers get rate choices

Hindustan Times  

The Union government on Tuesday softened its stand on a controversial budget proposal to remove indexation for computing long-term capital gains tax on real estate and gave citizens an option to choose between the old regime of 20% levy with indexation and the new system of 12.5% tax without indexation. “In the case of transfer of a long-term capital asset, …

Relief for homeowners: Realty experts welcome Centre’s decision to ease long term capital gains tax for sale of property
5 months ago

Relief for homeowners: Realty experts welcome Centre’s decision to ease long term capital gains tax for sale of property

Hindustan Times  

In a major relief to homeowners who bought properties before July 23, 2024, the government has proposed an amendment to the long-term capital gains tax giving them an option to choose between the lower tax rate of 12.5% without indexation or a higher rate of 20% with indexation of properties acquired before July this year. Real estate and tax experts …

Centre to ease long term capital gains tax for sale of properties
5 months ago

Centre to ease long term capital gains tax for sale of properties

Hindustan Times  

The Narendra Modi government is set to ease long-term capital gains tax for sale of properties proposed in the Union budget 2024, Reuters reported. The Narendra Modi government is set to ease long term capital gains tax for sale of properties proposed in the Union budget 2024 As per the report, in case of the transfer of a long-term capital …

On discarding indexation for long-term capital gains | Explained
5 months, 1 week ago

On discarding indexation for long-term capital gains | Explained

The Hindu  

The story so far: Finance Minister Nirmala Sitharaman’s announcement in the Union Budget about doing away with indexation for computing long-term capital gains tax has not drawn much enthusiasm. A memorandum explaining the provisions of the Finance Bill, stated that this was to “ease computation of capital gains for the taxpayer and tax administration”. At the erstwhile 20% rate, they …

Changes in long-term capital gain tax to benefit most real estate investors: Revenue Secy
5 months, 2 weeks ago

Changes in long-term capital gain tax to benefit most real estate investors: Revenue Secy

Hindustan Times  

New Delhi, Jul 24 Revenue Secretary Sanjay Malhotra has said that the changes in Long-Term Capital Gain Tax announced in the Budget by Finance Minister Nirmala Sitharaman will benefit most of the people investing in the real estate sector. The Budget has lowered the LTCG from 20 per cent to 12.5 per cent but removed the indexation benefits. This will …

Govt has no plan to reconsider real estate LTCG tax changes, says report
5 months, 2 weeks ago

Govt has no plan to reconsider real estate LTCG tax changes, says report

Live Mint  

Amid concerns about the removal of the indexation benefit for property sales under the Long Term Capital Gains tax, there will be no reconsideration of the changes made in the Union Budget, according to news agency ANI. The Income Tax Department refuted claims that the new budget proposal would result in significantly higher taxes on profits from selling real estate. …

Union Budget 2024 reforms of the new tax regime may reduce tax burden and allow option to choose again
5 months, 2 weeks ago

Union Budget 2024 reforms of the new tax regime may reduce tax burden and allow option to choose again

Hindustan Times  

Finance Minister Nirmala Sitharaman presented the Union Budget 2024 in the parliament on July 23, proposing new changes in the income tax slabs of the new tax regime. Nirmala Sitharaman pictured at the Lok Sabha on July 23, with the Union Budget What are the latest income tax slabs in the new tax regime? Up to ₹3 lakh: NIL ₹3-7 …

2001: The year that divides property sellers under new Budget tax rules
5 months, 2 weeks ago

2001: The year that divides property sellers under new Budget tax rules

Hindustan Times  

Union finance minister Nirmala Sitharaman's budget speech outlined some changes to the direct and indirect tax regimes. One of the most striking changes pertains to the LTCG tax and indexation benefits, creating a distinct divide among property sellers based on the purchase or inheritance date of their properties, with 2001 being the critical year. As per the Memorandum to the …

Indexation benefits on property removed, sparks concern. What it means for you?
5 months, 2 weeks ago

Indexation benefits on property removed, sparks concern. What it means for you?

India Today  

Finance Minister Nirmala Sitharaman announced major changes to capital gains taxation that particularly affect real estate transactions in the Union Budget 2024. The Long Term Capital Gains Tax on property sales has been reduced from 20% to 12.5%, but the budget fine print revealed that the indexation benefit on real estate has been revoked, sparking concerns that it may result …

Budget 2024: Capital gains taxes hiked, indexation benefit discontinued for property sale
5 months, 2 weeks ago

Budget 2024: Capital gains taxes hiked, indexation benefit discontinued for property sale

Hindustan Times  

Finance Minister Nirmala Sitharaman on Tuesday announced an increase in both long-term and short-term capital gains tax. {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} While the short-term capital gains tax has been increased from 15 per cent to 20 per cent, LTCG will be flat at 12.5 per cent. {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} On the positive side, for the benefit of the lower …

Budget 2024: Capital gains taxes hiked, indexation benefit discontinued for property sale
5 months, 2 weeks ago

Budget 2024: Capital gains taxes hiked, indexation benefit discontinued for property sale

Hindustan Times  

Finance Minister Nirmala Sitharaman on Tuesday announced an increase in both long-term and short-term capital gains tax. On the positive side, for the benefit of the lower and middle-income classes, Nirmala Sitharaman proposed to increase the limit of exemption of capital gains on certain listed financial assets from ₹1 lakh to ₹1.25 lakh per year. "Unlisted bonds and debentures, debt …

Budget 2024: No indexation benefit for property sales; new LTCG rate fixed at 12.5%
5 months, 2 weeks ago

Budget 2024: No indexation benefit for property sales; new LTCG rate fixed at 12.5%

Live Mint  

Before Budget 2024, property sales were subject to a 20% LTCG tax rate with indexation benefit, which adjusted the purchase price for inflation, thereby reducing the taxable capital gain. According to the Budget documents, the new tax rate for long-term capital gains on property sales will be 12.5% without indexation benefit. The LTCG tax liability under both the old and …

LTCG and STCG in Budget 2024: FM Sitharaman announces raising of taxes; check new rates here
5 months, 2 weeks ago

LTCG and STCG in Budget 2024: FM Sitharaman announces raising of taxes; check new rates here

Live Mint  

The Finance Minister increased the tax rate on long-term capital gains to 12.5% from 10% and set the exemption limit at ₹ 1.25 lakh per year. In a blow to investors, Finance Minister Nirmala Sitharaman, in her presentation of the Union Budget for FY 2024-25 announced several key tax changes impacting capital gains and trading activities: {{^adFree}} {{/adFree}} Long-Term Capital …

Budget 2024: Selling old property to attract more tax. Here's why
5 months, 2 weeks 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 …

Big change in capital gains tax, LTCG increased to 12.5%. Check details
5 months, 2 weeks ago

Big change in capital gains tax, LTCG increased to 12.5%. Check details

India Today  

Finance Minister Nirmala Sitharaman announced key changes to capital gains taxation in her seventh Budget. The Long Term Capital Gains tax will rise from 10% to 12.5%, and the Short Term Capital Gains tax on certain assets will increase from 15% to 20%. "Short term gains on certain financial assets shall henceforth attract a tax rate of 20%, while that …

FM Sitharaman Denies Rumors of Sweeping Tax Changes
8 months, 1 week ago

FM Sitharaman Denies Rumors of Sweeping Tax Changes

Deccan Chronicle  

New Delhi: After BSE benchmark Sensex crashed 1,100 points following a report that the Income Tax department is planning some sweeping changes after Lok Sabha elections, Union finance minister Nirmala Sitharaman on Friday debunked rumours calling it pure speculation. Pure speculation," Sitharaman wrote on social media platform X, while reacting to a tweet made by a news channel claiming that …

No changes in income tax rates, slabs, announces Nirmala Sitharaman
11 months, 1 week ago

No changes in income tax rates, slabs, announces Nirmala Sitharaman

Hindustan Times  

Finance minister Nirmala Sitharaman on Thursday announced no change in the existing tax regime -- both direct and indirect. For taxpayers, there will be no relief as income tax rates and slabs remain the same in the interim budget that Nirmala Sitharaman presented ahead of the Lok Sabha election 2024. "I propose to retain the same tax rates for direct …

Union Budget 2023-24: Modi government tweaks tax provisions to make new tax regime attractive
1 year, 11 months ago

Union Budget 2023-24: Modi government tweaks tax provisions to make new tax regime attractive

Firstpost  

The intent of the government is to make the new tax regime more attractive to salaried and small taxpayers. The intent is also to relieve small taxpayers from all hassles of tax planning using investment schemes in order to reduce tax liability The Union Budget 2023 has amended tax slabs for the new tax regime and has increased income tax …

Budget 2023: How Nirmala Sitharaman attempted to simplify tax experience
1 year, 11 months ago

Budget 2023: How Nirmala Sitharaman attempted to simplify tax experience

Live Mint  

The Hon’ble Finance Minister presented today the last full-fledged Budget 2023 under the Modi 2.0 Government. Further, with the proposals, it is apparent that the Government wants to simplify the tax experience to its taxpayers by proposing a common tax return form, bringing reforms to litigation and also giving prominence to the new tax regime which does not require the …

Budget 2023: New vs Old Income Tax Regime
1 year, 11 months ago

Budget 2023: New vs Old Income Tax Regime

News 18  

Union Budget 2023 has amended income tax slabs for the new tax regime and has increased rebate under Section 87A for the new regime for income up to Rs7 lakh. While these amendments have been made in the new tax regime, all tax slabs and rebates under Section 87A for income tax assesses opting for the old tax regime remain …

Budget 2023: Will FM Sitharaman revise the long-term pending income tax exemptions limit?
1 year, 11 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 …

India Budget 2022: What analysts expect from FM Nirmala Sitharaman
2 years, 11 months ago

India Budget 2022: What analysts expect from FM Nirmala Sitharaman

Live Mint  

All eyes are on the announcements of Budget 2022 that will be introduced in the Parliament on February 1 by Finance Minister Nirmala Sitharaman. The market wants Budget to be reformist and pro-growth where last year’s Budget headed in the right direction, therefore, needs further momentum to reforms and growth in the upcoming Budget, as per analysts. So, it's high …

India’s sovereign right to tax intact after amendment: FM
3 years, 5 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, 5 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 India's move to withdraw retrospective tax law
3 years, 5 months ago

US body hails India's move to withdraw retrospective tax law

The Hindu  

US-India Strategic and Partnership Forum on Thursday, August 5, 2021, 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 amendment relating to tax on indirect transfers,” he said in a statement. “The 2012 decision of the UPA government to impose retrospective tax has been a …

Govt amends Income Tax Act, retrospective tax rule junked
3 years, 5 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, 5 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 …

Direct tax collection up 5 per cent till November: Sitharaman
5 years, 1 month ago

Direct tax collection up 5 per cent till November: Sitharaman

India TV News  

Rejecting fears of the corporate tax reduction impacting revenue collection, Union Finance Minister Nirmala Sitharaman on Monday told Parliament that the gross direct tax collection had increased by 5 per cent till November.​ Sitharaman was responding to the query of Nationalist Congress Party member Supriya Sule, during discussion in the Lok Sabha on the Taxation Law Amendment Bill, 2019, as …

FM Nirmala Sitharaman shrugs off pleas by FPIs on super-rich tax
5 years, 5 months ago

FM Nirmala Sitharaman shrugs off pleas by FPIs on super-rich tax

Live Mint  

The super-rich tax is here to stay for a large section of foreign portfolio investors, with Union finance minister Nirmala Sitharaman ignoring their pleas while proposing further tax relief for startups and non-bank lenders. In amendments to the Finance Bill proposed to Parliament and passed by the Lok Sabha on Thursday, Sitharaman added more safeguards against tax evasion. The Bill …

FM Nirmala Sitharaman shrugs off pleas by FPIs on super-rich tax
5 years, 5 months ago

FM Nirmala Sitharaman shrugs off pleas by FPIs on super-rich tax

Live Mint  

The super-rich tax is here to stay for a large section of foreign portfolio investors, with Union finance minister Nirmala Sitharaman ignoring their pleas while proposing further tax relief for startups and non-bank lenders. In amendments to the Finance Bill proposed to Parliament and passed by the Lok Sabha on Thursday, Sitharaman added more safeguards against tax evasion. The Bill …

Seven indirect tax related laws being amended: Nirmala Sitharaman
5 years, 5 months ago

Seven indirect tax related laws being amended: Nirmala Sitharaman

Live Mint  

New Delhi: Finance Minister Nirmala Sitharaman Thursday said seven legislations under indirect taxation are being amended to ensure greater simplicity, as she moved the Finance Bill in the Lok Sabha. Apart from seven Acts related to indirect taxation being amended, the government would also be bringing changes to seven laws related to direct taxation. RSP member N K Premachandran objected …

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