President Murmu approves the New Finance Bill 2024
In a significant event, President Droupadi Murmu signed the Finance (No. 2) Bill 2024 on Friday, August 16, 2024, legally enacting it into law. This concludes the budget process for FY 2024-25, the first full-fledged budget under the Modi 3.0 administration.
The Finance (No 2) Bill, 2024, which was enacted by Parliament last week, contained numerous significant amendments. FM Nirmala Sitharaman advocated one of the most important changes, which was to reduce the long-term capital gains tax policy on real estate. Originally, the budget suggested lowering the long-term capital gains tax rates on real estate from 20% to 12.5%, removing the indexation benefit. However, the amendment passed on August 7 gives taxpayers the option of choosing between the new lower tax rate and the old regime, which provides a higher rate with the indexation benefit.
The Lok Sabha approved the bill with 45 official changes via voice vote, and it was later returned by the Rajya Sabha when FM Sitharaman addressed the debate. With the President’s signature, the Finance (No.2) Bill, 2024, has become law, establishing the government‘s financial plans for the year.
For Official Finance Bill Download PDF Given Below: