Revenue secretary Sanjay Malhotra said the government had studied 1.05 million returns for 2023-24 that showed capital gains from land and building. The effective LTCG tax rate on these was 11.54% on real estate in 2022-23, he said. The budget announced removal of indexation benefits for LTCG on properties but slashed the tax rate to 12.5% from 20%, fuelling concerns over an increase in tax burden.
