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Long term capital gains are taxed at 12.5%, without indexation benefit, relaxation available to individuals and huf. Understanding the capital gain tax on sale of property is very important for taxpayers in india. However, if the property was acquired before this date, taxpayers can choose between a 12.5% tax rate without indexation or a 20% tax rate with indexation benefits.
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No indexation benefit is available for short term capital gain. A property held for 24 months or less before selling. For properties sold after july 23, 2024, the tax rate is 12.5% without indexation.
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No indexation benefit allowed for equity ltcg.
Residents who bought their property before this date can select either option (20% with indexation or 12.5% without) to minimize their tax payment. For properties acquired and sold after 23 july 2024, ltcg is taxed. Capital gains on the sale or transfer of a property in india refer to the profit an individual makes upon selling a property at a price higher than its purchase cost. Tax rate increased to 20% for sales on or after july 23, 2024.
This profit is considered income and is subject to tax on the sale of property under the income tax act. However, in the budget 2024, there have been some major changes proposed in the mode of computation of the capital gains and the tax rates. This article explains in detail, the capital gains implications on sale of property, both short term and long term. If the property was acquired and sold on or before 23 july 2024, it will be taxed at 20% with indexation benefit or 12.5% without indexation, whichever is beneficial to the taxpayer.
Previously taxed at 10% on gains exceeding ₹1,00,000.
Apply when held for more than 12 months. For properties sold on or after july 23, 2024, you can choose to be taxed at 12.5% without indexation. A property held for more than 24 months. So, the tax rates on the short term gains on transfer of listed assets, the rate has been increased to 20% from 15%.
This guide explains the income tax implications when you sell a property. From july 23, 2024, taxed at 12.5% on gains exceeding ₹1,25,000. Capital gains are divided into two categories: The income tax act provides helpful exemptions to encourage reinvestment.
This is taxed at normal slab rates.
The union budget 2024 brought a significant change in the tax applicable on ltcg on property. For properties acquired on or after july 23, 2024, taxpayers have the option to choose between: The tax rates under the capital gains head have also been amended.
