Lok Sabha passes Finance Bill, amends LTCG tax provisions

Finance minister Nirmala Sitharaman announced amendments to the Long-Term Capital Gains tax on real estate, offering taxpayers the option to calculate tax liability using either the old system or reduced rates without indexation. The new rate is 12.5 percent, down from 20 percent. A key amendment in the Bill addresses the restoration of indexation benefit for properties purchased before July 23, 2024.