What are the key components of the Finance Bill recently passed by Lok Sabha in India
Discuss the major amendments made in the Finance Bill, especially the changes in LTCG tax provisions related to immovable properties.
The Finance Bill recently passed by Lok Sabha in India includes several key components. The major amendments made in the Finance Bill, especially related to long-term capital gains (LTCG) tax provisions on immovable properties, are:
- Extension of tax exemption for LTCG on sale of residential property for investment in start-ups by one year.
- Introduction of amendments to clarify the treatment of computation of capital gains on real estate transactions.
- Extension of the eligibility period for claiming capital gain tax exemptions on investment in specified bonds.
- Changes in the provisions related to tax deducted at source (TDS) on immovable property transactions.
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9 months ago