New Delhi: The tax on money received from selling a property can be eliminated. The Modi government is considering abolishing the Long Term Capital Gain (LTCG) tax. During the budget on 1 February, Union Finance Minister Nirmala Sitharaman can announce the abolition of this tax. Under the current law, if a person does not buy the property again within three years of selling the property, then a 30 percent LTCG tax is to be paid on this amount.
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Experts say that the government is considering removing the capital gains tax in the upcoming budget. Under this, apart from the property sale, the LTCG tax on gold (Gold) and the amount received from the shares (equity) of a company is also being considered. After selling gold, there is a provision to invest in it again within the time limit of three years. Otherwise, the government levies 20 capital gains tax on the amount received from the sale of gold.
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Sources say that the slowdown in the property business and construction sector is a challenge for the government. In such a situation, there is a need to rejuvenate this area. With the removal of the capital gains tax, more investment is expected in this sector. The Union Finance Minister will present the general budget on Saturday, February 1. Nirmala Sitharaman is going to present the Union Budget for the second time amid the economic downturn.
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