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New Delhi: The Central Board of Direct Taxes (CBDT) has once again clarified that taxpayers cannot claim tax rebate under Section 87A of the Income Tax Act on income that is taxed at special rates, such as short-term capital gains (STCG). In the financial year 2023-24, many taxpayers claimed a rebate on short-term capital gains,…
Government’s Big Relief For Homeowners: The central government is going to provide relief to homeowners who are frustrated with the removal of indexation benefit on real estate. In the Union Budget 2024, Finance Minister Nirmala Sitharaman made several important announcements related to tax. One of the important changes was also regarding real estate transactions. These…
The LTCG tax rates is, however, expected to remain unchanged in the Budget 2024-25. Budget 2024-25: The government is likely to reduce the real estate holding period for long-term capital gains (LTCG) tax to 12 months, against 24 months currently. Finance Minister Nirmala Sitharaman is set to present her seventh Budget 2024-25 on July 23….