Nirmala Sitharaman to move amendment for taxpayers to choose between 12.5% or 20% LTCG rate on property transactions

Nirmala Sitharaman announced amendments to the long-term capital gains tax for property, allowing taxpayers to choose between 12.5% without indexation or 20% with indexation, for properties bought before July 23, 2024. This change aimed to alleviate taxpayers' concerns about increased tax burdens and received positive feedback from taxpayers and industry leaders.