The recent Budget 2024 introduced significant changes to property taxes in India. Let's break down the key points.
The LTCG tax rate on property sales has been reduced from 20% to 12.5%, but the indexation benefit has been removed, potentially increasing tax liabilities.
The changes could lead to higher tax burdens for property owners, especially those selling properties bought after July 23, 2024.
Sellers might try to pass on increased tax costs to buyers, potentially leading to higher property prices.
Property taxes are primarily regulated at the local level, so rates and policies may vary across states and cities.
The changes in property taxes could have implications for the overall property market. It's essential to monitor the market trends and consult experts for insights.
Visit official government websites, consult financial news outlets, and seek advice from tax professionals for accurate and up-to-date information on property taxes.