The government is making efforts to simplify the tax regime and treat all asset classes similarly for taxation, revenue secretary Sanjay Malhotra said in an interview with Hindustan Times. Edited excerpts: The budget’s proposal to remove indexation from the long-term capital gains in real estate is an effort to simply the tax regime, said Sanjay Malhotra The Economic Survey has …
Budget 2024 removed the provision of indexation in the calculation of capital gain tax. This study simulated tax calculations for 10 major cities and found out that LTCG taxes on average increase 2.9 times without indexation benefit. This report showed that without indexation, the long-term capital gains taxes rise significantly for all holding periods. The report also shows that longer …
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 …
