Income Tax: Why you should make a special note of July 23 as you file your ITR? All you need to know
Published in Mint | August 2025
Gaurav Jain, Partner, Direct Tax, Forvis Mazars in India, simplifies the tax provision relating to long-term capital gain.
“For any capital asset sold on or after July 23, 2024, the new regime applies. The changes are significant and affect how tax is calculated on gains. Now, a uniform tax rate of 12.5% applies to long-term capital gains (LTCG) across most asset classes, regardless of indexation. In the case of land and buildings sold on or after July 23, 2024, tax will be charged at 12.5 per cent without indexation.