{"id":306740,"date":"2024-08-08T18:17:30","date_gmt":"2024-08-08T12:47:30","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=306740"},"modified":"2024-08-08T18:17:30","modified_gmt":"2024-08-08T12:47:30","slug":"finance-bill-2024","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/finance-bill-2024\/","title":{"rendered":"Finance Bill 2024"},"content":{"rendered":"

Source-<\/strong> This post on Finance Bill 2024\u00a0<\/strong>has been created based on the article \u201cLok Sabha passes Finance Bill, amends provision on LTCG tax<\/a>\u201d published in \u201cThe Hindu\u201d<\/strong> on 8 August 2024.<\/p>\n

Why in News?<\/h2>\n

The Finance Bill, 2024, was passed in the Lok Sabha with an amendment relaxing the long-term capital gains<\/span> (LTCG) tax proposal on real estate. The amendment allows taxpayers to choose between a new lower tax rate or the old regime with an indexation benefit.<\/p>\n

About the Amendment:<\/h2>\n

1. Individuals or Hindu Undivided Families (HUFs) who bought houses before July 23, 2024, can opt for:<\/p>\n

i)\u00a0 Paying LTCG tax under the new scheme at 12.5% without indexation,
\nor
\nii) Claiming the indexation benefit and paying 20% tax.<\/p>\n

Other Measures taken to aid the Middle class in the Finance Bill 2024<\/h2>\n

i)\u00a0 Reduction in customs duty on various goods to promote trade, investment, and employment.<\/p>\n

ii)\u00a0 Increase in the tax exemption limit on LTCG in listed equities and bonds from \u20b91 lakh to \u20b91.25 lakh.<\/p>\n

iii)\u00a0 Simplification of tax governance and reduction in tax slabs in 2023 and this year.<\/p>\n

iv)\u00a0 Increase in the standard deduction for the salaried class.<\/p>\n

About LTCG Tax<\/h2>\n

1. Long-Term Capital Gains (LTCG) tax is a tax levied on the profits earned from the sale of certain assets held for a specified period, which is considered long-term.<\/p>\n

2. The nature and rate of LTCG tax vary depending on the type of asset and the jurisdiction in which the asset is located or sold.<\/p>\n

3. The definition of long-term assets varies based on the type of asset:<\/p>\n

i) Equity Shares\/Mutual Funds<\/strong>: Assets held for more than 12 months.<\/p>\n

ii) Immovable Property (e.g., land, buildings)<\/strong>: Assets held for more than 24 months.<\/p>\n

iii) Other Assets<\/strong>: Generally, assets held for more than 36 months.<\/p>\n

UPSC Syllabus: Indian economy<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Source- This post on Finance Bill 2024\u00a0has been created based on the article \u201cLok Sabha passes Finance Bill, amends provision on LTCG tax\u201d published in \u201cThe Hindu\u201d on 8 August 2024. Why in News? The Finance Bill, 2024, was passed in the Lok Sabha with an amendment relaxing the long-term capital gains (LTCG) tax proposal… Continue reading Finance Bill 2024<\/span><\/a><\/p>\n","protected":false},"author":10366,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127],"tags":[11872,10498],"class_list":["post-306740","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","tag-9pm-daily-factly","tag-the-hindu","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/306740","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10366"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=306740"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/306740\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=306740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=306740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=306740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}