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Key amendments proposed in Union Budget 2024 in respect of real estate sector
The Hon’ble Finance Minister, presented the Union Budget 2024 on 23 July 2024 in the Lok Sabha.
- The key highlights in respect of real estate sector are:
- Revised Capital Gains tax framework for units of REITs
- Rationalization of Capital Gains on transfer of immovable property
- TDS on payment of rent by certain individuals/ HUF
- TDS on transfer of immovable property
- Rental income from letting out of residential house property to be taxed under ‘Income from House Property’