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A property held for 24 months or less before selling. For properties acquired on or after july 23, 2024, taxpayers have the option to choose between: Effective from july 23, 2024, a uniform.
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He purchased land in july, 2018 and sold it in january 2025, i.e. Taxpayers have now two options to compute their taxes on long term capital gains (ltcg) on sale of property bought before july 2023. New ltcg vs old ltcg:
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In this case land is a capital asset for mr.
For property sales after july 23, 2024, you have the option to pay 12.5% tax without indexation instead of 20% with indexation, but only if the property was purchased on or. Only those house properties that are acquired before july 23, 2024 would continue to be eligible for indexation benefits. After holding it for a period of. Understand indexation, calculation methods, and important.
This change provides more flexibility to property sellers,. In case of a sale of land and building made after 23rd july 2024, the taxpayer will have the option to pay tax at 20% with indexation benefit and at 12.5% without indexation. The new rules, effective july 23, 2024, impact indexation benefits and. This is taxed at normal.
