Government Eases LTCG Tax for Homeowners

08 Aug 2024 CW Team

The Indian government has introduced a new measure to provide relief to homeowners by revising the computation of Long-Term Capital Gains (LTCG) tax. This move aims to ease the financial burden on individuals selling their residential properties.

Under the revised guidelines, homeowners can benefit from a more flexible approach to calculating LTCG tax, which is typically applied to profits earned from the sale of assets held for more than three years. The new framework allows for better alignment with actual market conditions and reduces the tax impact on property sales.

The adjustment is part of the government?s broader strategy to stimulate the real estate market and support property owners. By revising the LTCG tax calculation, the government hopes to encourage more transactions and investment in the housing sector, which has seen sluggish growth in recent times.

This change is expected to make the tax structure more equitable and transparent, offering significant relief to homeowners who previously faced higher tax liabilities. It also aims to simplify the tax compliance process, making it easier for individuals to navigate the complexities associated with property transactions.

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