Property selling and buying under construction property

Dear Client,
If the property is sold before 24 months from the date of acquisition, the gain on such transfer is termed as a short-term capital gain. Budget 2024 has proposed the following amendments effective from FY 2024-25 in respect of capital gains. A property held for less than 24 months is considered Short-Term and property held for short term shall continue to attract tax at slab rates. If total taxable income (excluding short-term capital gains) stays within Rs.2,50,000 for resident individuals below 60 years, HUF, and NRI, then unutilized exemption can be adjusted against short-term capital gain. Unlike long-term capital gains, short-term capital gains have an income tax rate of 20%. Short-term capital gains (STCG) are taxable regardless of the amount of gain. Unlike long-term capital gains (LTCG), which have an exemption limit of Rs 1.25 lakh per year, there is no exemption limit for STCG. Income Tax is a branch of law or legislation, that eventually comes under the arena of Chartered Accountants and Tax Consultants who have expertise and in-depth knowledge on the subject and may guide you properly to navigate the issue in the right way.