Government Offers Tax Relief on Long-Term Capital Gains for Homebuyers with New Options

August 07, 2024

Government Offers Tax Relief on Long-Term Capital Gains for Homebuyers with New Options | Explained by Nikhil Pattani

The government has introduced a new rule for people who bought houses before July 23, 2024, giving them a choice on how to pay taxes on their long-term capital gains (LTCG) when they sell the property.

1. Option 1: Pay a lower tax rate of 12.5% on the gains without any adjustment for inflation (no indexation).

2. Option 2: Pay a higher tax rate of 20%, but with adjustments for inflation (using indexation), which can reduce the taxable gain amount.

Previously, the LTCG tax rate was 20% with the benefit of indexation. This new rule, effective from July 23, 2024, aims to provide relief to property owners by offering a lower tax rate option.

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