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President Droupadi Murmu officially approved the Finance (No 2) Bill, 2024 on Friday, which had been previously passed by Parliament. This marks the completion of the budget process for Modi 3.0's first full-fledged budget for the 2024-25 fiscal year.
The Lok Sabha had given its approval to the bill on August 7 through a voice vote, following Finance and Corporate Affairs Minister Nirmala Sitharaman's proposal of 45 official amendments.
One of the important amendments made was regarding the long-term capital gains tax on real estate, where taxpayers now have the option to choose between a lower tax rate or stay with the old regime that offered indexation benefits. This change was proposed by Sitharaman in her budget speech, where she suggested reducing the tax rate from 20% to 12.5%, without indexation benefits. However, this proposal was modified during last week's session to allow for flexibility.
On Thursday, the Rajya Sabha also gave its approval to the Finance (No 2) Bill after Sitharaman addressed concerns raised during the debate.