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will property taxes go down in 2024
. In 2024, there have not been significant decreases in property taxes in India. While property tax rates vary by city, key budget changes have impacted property owners' tax burdens, especially those planning to sell properties. In Budget 2024, a notable change was the removal of the indexation benefit on long-term capital gains (LTCG) for real estate.
Though the LTCG rate was reduced from 20% to 12.5%, the removal of indexation, which previously adjusted the purchase price for inflation, may result in higher taxes on property sales.
Experts note that, while intended to streamline taxes, this change could increase costs for those holding properties for extended periods before sale.
For homeowners, municipal property taxes, used to fund local services, have not seen major reductions but remain subject to variations in urban policy.
Several cities, including Bengaluru, have implemented or proposed hikes to keep up with increased infrastructure costs.
Efforts in some areas are focused on streamlining tax calculations and promoting digital tax payments for improved efficiency, yet broad decreases in property taxes are not widespread in 2024.
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Will Property Taxes Go Down in 2024?
ruchi
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53 days
2024-10-30T14:37:54+00:00 2024-10-30T17:18:09+00:00Comment
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