The alterations in the regulations regarding capital gains tax on properties and land are well known. If your property was acquired before July 23rd, you have the option to either claim a 20% deduction with indexation or benefit from a flat tax rate of 12.5%. However, it is important to clarify some terms and conditions. This particular option is only available for individuals or HUF. Private limited companies, LLPs, and partnership firms are not eligible for this benefit.
Additionally, any capital gain losses cannot be carried forward or offset against other income as previously allowed. Instead, these losses must be utilized within the same fiscal year.
It should also be noted that this law does not apply to mutual funds and shares; it is exclusive to real estate properties and land with capital gains.
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