With the introduction of the Unified Pension System, it is essential to understand how it measures up against the existing National Pension Scheme (NPS) and the traditional Old Pension System (OPS). NPS involves investing a portion of the funds in the equity market, making it a relatively market-linked pension scheme. On the other hand, UPS, … Read more
Capital Gains Tax: After Finance Minister Nirmala Sitharaman made an announcement in the Union Budget regarding the reduction of tax on long-term capital gains from 20% with indexation benefits to 12.5% without indexation benefits, an amendment was introduced to The Finance Bill, 2024. This amendment allows taxpayers to select the tax rate that is more advantageous … Read more
Long-term capital gains tax: The Centre announced on Tuesday a significant decision that offers relief to homeowners regarding Long-Term Capital Gains (LTCG) tax on real estate. Homeowners will now given the option to choose between two tax rates: a 20% rate with the indexation benefit, or a 12.5% rate without indexation. This policy shift follows … Read more
The Income Tax department has clarified that the cost of acquisition of real estate properties purchased before 2001 will be the fair market value (FMV, not exceeding the stamp duty value) as of April 1, 2001, or the actual cost of the land or building for the purpose of calculation of long-term capital gains (LTCG) … Read more
Budget impact: In the Union Budget 2024, the Centre has made noteworthy adjustment regarding the treatment of long-term capital gains (LTCG) in property transactions. Specifically, the indexation benefit has been eliminated, resulting in substantial modifications to the LTCG calculation. Despite this change, it has been affirmed by the government that properties purchased or inherited prior to … Read more
The Ministry of Finance has notified the final Cost Inflation Index (CII) for FY25 (Assessment Year 2025-26) at 363. The ministry through the Central Board of Direct Taxes (CBDT), issued Notification No. 44/2024-Income-Tax on May 24, 2024, detailing the Cost Inflation Index (CII) for the financial year 2024-25 i.e. Assessment Year 2025-26. The notification … Read more