Incentives for Promoting Investment in immovable property in
The existing provision of the Act provide for
concessional rate of tax and also indexation benefit for taxation of capital
gains arising from transfer of longterm capital asset.
To qualify for long-term asset, an assessee is
required to hold the asset for more than 36 months (3 year) subject to certain
exceptions, for example, the holding period of 24 months (2 year) has been
specified for unlisted shares.
W ith a view to promote the real-estate sector
and to make it more attractive for investment, it is proposed to amend section
2 (42A) of the Act so as to reduce the period of holding from the existing 36
months to 24 months in case of immovable property , being land or / building or both, to qualify as long term
capital asset.
This
amendment will take effect from 1st April, 2018 and will, accordingly , apply
in relation to the assessment year 2018-19 and subsequent years. [Clause 3]
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