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immovable assets such as real estate to bring about uniformity. Currently, any capital gain from the sale of real estate held for 24 months or less is treated as a short-term capital gain. In contrast, the holding period threshold for listed equities and equity mutual funds is 12 months.
The proposal suggests that property held for more than 12 months be considered long-term assets, bringing this in line with equities and equity mutual funds, a person privy to the deliberations told ET.
However, there may not be any change in the tax rates for both long-term and short-term capital gain. The long-term capital gains tax on property is 20% with indexation benefits to adjust for inflation.
'Major Rejig may Come Later'
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More NewsAny short-term capital gain is added to the assessee's income and taxed at the appropriate slab rate. Additional cess and surcharge may be levied where applicable. The Centre may take up a more detailed capital gains tax regime restructuring later after wider discussion and consultations, the person added.
«There may not be a major rate rejig at this stage… maybe later,» the person cited above added.
Moreover, the proposal includes some concessions for senior citizens
