LS passes Finance Bill

The Finance Bill 2024 was passed by Lok Sabha on Wednesday evening with a few amendments moved by the government.

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Replying to the debate, Finance Minister Nirmala Sitharman said the approach of the government has been to bring greater simplification of tax laws and procedures and enable growth and employment in the country. She responded to points made by members.

The Finance Minister clarified that in real estate, the roll over provisions have not been withdrawn and are applicable.

She said if the capital gain in a property transaction is invested in buying another one or two properties up to a maximum value of Rs 10 crore, no capital gain tax is required to be paid on such profits.

Capital gains can also still be invested in bonds which are notified under Section 54 of the Income Tax Act up to a maximum of Rs 50 lakh annually and save on taxes.

To give relief on budget proposals, Sitharaman also moved an amendment in the Finance Bill on the changes in the capital gains tax on property transactions.