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I sold my flat in May 2024, registered in July. Will I get LTCG indexation benefit?

Ramalingam

Ramalingam Kalirajan  |7497 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Aug 09, 2024

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more
LSD Question by LSD on Aug 05, 2024Hindi
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I did sale agreement for my flat on 6 may 2024 but sale deed registration was done on 28 July 2024, will i get the indexation benefit in LTCG.

Ans: The Indian Budget 2024 introduced significant changes to the taxation of Long Term Capital Gains (LTCG) on property:

Removal of indexation benefit: This was the initial proposal.
Option to choose: Due to widespread criticism, the government later allowed taxpayers to choose between a 12.5% tax rate without indexation or a 20% tax rate with indexation.  
Key Factors for Your Case
Date of Sale Deed Registration: This is generally considered the date of sale for tax purposes. In your case, it's July 28, 2024.
Option to Choose: Since your sale deed registration is after July 23, 2024 (when the budget changes were announced), you have the option to choose between the 12.5% tax rate without indexation or the 20% tax rate with indexation.
Considerations and Recommendations
Consult a Tax Professional: Due to the complexity of the situation and potential tax implications, it's strongly recommended to consult a tax professional or chartered accountant. They can provide tailored advice based on your specific circumstances.
Analyze Both Options: Calculate the tax liability under both options (12.5% without indexation and 20% with indexation) to determine the most beneficial choice for you.
Consider Other Factors: Factors like the holding period of the property, the purchase price, and other expenses might also influence your decision.
Note: The sale agreement date (May 6, 2024) might not have a direct impact on the tax calculation in this case.

By carefully considering these factors and seeking professional advice, you can make an informed decision and optimize your tax liability.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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