Indexation benefit allowed to Resident Individuals/HUF for immovable properties acquired before 23rd July, 2024 – Amendment in Finance (No. 2) Bill, 2024

Hon’ble Finance Minister Nirmala Sitharaman has introduced an amendment to the Finance (No. 2) Bill, 2024, granting resident Individual/HUF taxpayers the option to pay lower of 20% tax on capital gains with indexation or 12.5% tax on capital gains without indexation. This option applies to long term properties being land or buildings or both, acquired before 23rd July, 2024 and transferred on or after 23rd July 2024. Additionally, various other typographical/ clarificatory amendments have been proposed to the Finance (No. 2) Bill, 2024. These amendments have been passed by Lok Sabha on 07.08.2024.

For details, please refer to the following:
Notice of Amendments to the Finance (No. 2) Bill, 2024

DISCLAIMER: – The summary information herein has been compiled by our expert team of tax consultants based on Notice of Amendments to the Finance (No. 2) Bill, 2024 read with Finance (No. 2) Bill, 2024 as passed by Lok Sabha on 07.08.2024. While the information is believed to be accurate, we make no representations or warranties, express or implied, as to the accuracy or completeness of it. Readers should conduct and rely upon their own examination and analysis and are advised to seek their own professional advice. This note is not an offer, advice or solicitation. We accept no responsibility for any errors it may contain, whether caused by negligence or otherwise or for any loss, howsoever caused or sustained, by the person who relies upon it.

PDF version is attached: Indexation benefit allowed to Resident Individuals or HUF for immovable properties acquired before 23.7.24