On July 23, 2024, the finance minister announced a significant amendment to the Income Tax Act, which has since become a subject of widespread debate. The amendment eliminates the indexation benefit on long-term capital gains (LTCG) for certain assets, replacing it with a special discounted tax rate of 12.5%. While this might seem like a simplified and potentially beneficial move at first glance, many taxpayers have criticized the change, arguing that it increases their tax liabilities in many cases.
After the criticism on removing indexation benefit, government reconsider its decision and restore the indexation back for land and building. However, this restoration came with many restrictions which are explained as follows:
1. Indexation benefit restored only for resident individual & HUF
2. Indexation benefit restored only for those assets acquire before 23 July 2024, asset acquire on or after 23 July are not eligible for indexation.
3. Benefit restored for Land & Building only.
We have explain Capital Gain computation on Land & Building after Finance Act,2024 Part 2 amendment with indexation
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