Indexation removal by Govt is bad for property ownership
Many have no option but to borrow and buy real estate. A loan serviced for say 20 years, significantly increase the amount paid towards the property. Now, they no longer have recourse to adjust for inflation by availing indexation benefits. So, the cost of the house may be actually double than what was on agreement, due to servicing of interest. Double cost and no indexation benefits even to account for ravage of inflation for a single cost, is a double whammy for real estate holders. more
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https://www.dailypioneer.com/2024/columnists/finance-minister-yields.html Bowing to the popular pressure and critiques from MPs within the NDA coalition, the Central Government has relented to grant some relief for property transactions. Finance Minister Nirmala Sitharaman announced in the budget that the tax on long-term capital gains was reduced from 20% with indexation benefits to 12.5% but without indexation benefits. However, following significant opposition, an amendment is being made to The Finance Bill, 2024. For the transfer of a long-term capital asset such as land or a building acquired before July 23, 2024, the taxpayer can now choose to calculate their tax either at 12.5% without indexation under the new scheme or at 20% with indexation under the old scheme and pay whichever amount is lower. more
Aug 08
It is most unfortunate for middle class Senior Citizens retirees from private sector who do not get pension. FM is blindly presenting anti people budget proposals given to her by Babus. FM is not affected by such proposals. The retirees from private sector have paid income tax till retirement and contributed to Nation Building for 35 to 40 years are now being rewarded with: 1. No rail travel concession 2. Lower interest rate on SCSS 2004 scheme 3. No relief in income tax for Senior Citizens and Super Senior Citizens in this budget. 4. Indexation removed for LTCG on house property, instead of removing LTCG totally. 5. 18% GST on members of Cooperative Housing Societies on their contribution towards common expenses from their tax paid income. more
Jul 25
True. Government against the masses who elect them and is only sitting in the pocket of crony capitalists On Wed, 24 Jul, 2024, 12:58 pm Reeta Kumar, wrote: > more
Jul 24
