In a significant move that brings relief to homeowners and the real estate sector, Finance Minister Nirmala Sitharaman has proposed an amendment to the Finance Bill, 2024, offering taxpayers the option to choose between a 12.5% Long-Term Capital Gains (LTCG) tax rate without indexation or a 20% rate with indexation for properties acquired before July 23, 2024. The amendment, now widely welcomed by the industry, had earlier faced backlash warning that the initial proposal to eliminate indexation benefits, as outlined in Budget 2024, could hamper the growth of the real estate sector. The proposed amendment now provides much-needed flexibility and ensures that taxpayers can opt for the most beneficial tax calculation method. Below are insights from industry leaders on this development.

Mr. Prashant Sharma, President, NAREDCO Maharashtra

 “We welcome the amendment to the Finance Bill by Finance Minister Nirmala Sitharaman, providing taxpayers with the flexibility to choose between a 12.5 per cent LTCG rate without indexation or a 20 per cent rate with indexation for property acquired before July 23, 2024. This decision is a significant relief for the real estate sector, which has been concerned about the potential impact of the indexation proposal introduced in Budget 2024. The ability to select the more favorable tax computation method ensures that homeowners and real estate investors are not unduly burdened by changes in tax regulations. This move by the government reflects an understanding of the complexities within the real estate market and its importance to the overall economy. We believe this amendment will help maintain investor confidence and support the sustained growth of the real estate sector, benefiting not just developers, but also homebuyers and the larger economy.”

Mr. Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty and Vice President, CREDAI-MCHI

 “The recent amendment proposed by Finance Minister Nirmala Sitharaman to allow taxpayers the option to choose between a 12.5% LTCG rate without indexation or a 20% rate with indexation for properties acquired before July 23, 2024, is a welcome relief for the real estate industry. This balanced approach not only addresses the concerns raised by stakeholders but also provides homeowners with flexibility in managing their tax liabilities. The initial proposal to eliminate indexation benefits had sparked significant apprehension within the sector, as it threatened to impact the growth momentum we’ve been working hard to maintain. By reintroducing these options, the government has shown its responsiveness to the industry’s needs and the broader economy. This move will encourage continued investment in real estate, providing stability and fostering confidence among both developers and homebuyers. We commend the government’s decision and look forward to continued collaboration to support sustainable growth in the sector.”

Mr. Rajeev Ranjan, Co-Founder & CEO, The Mentors Real Estate Advisory Pvt. Ltd

 “The proposed amendment by the Finance Minister allowing taxpayers to choose between a 12.5% LTCG rate without indexation or a 20% rate with indexation for properties acquired before July 23, 2024, is a significant relief for property owners and investors. This flexibility will empower taxpayers to make decisions that best align with their financial strategies, especially in a real estate market that has witnessed varied growth patterns. By offering this choice, the government not only acknowledges the diverse nature of property investments but also provides a much-needed breather for those looking to optimize their tax liabilities in a challenging economic environment.”

Mr. Vedanshu Kedia, Director, Prescon Group

 “The recent amendment to the Finance Bill, allowing taxpayers to choose between a 12.5% Long Term Capital Gains (LTCG) rate without indexation and a 20% rate with indexation for properties acquired before July 23, 2024, is a much-needed relief for property investors and homebuyers. This move reflects the government’s responsiveness to the concerns raised by the public at large and shows empathy to the citizens who plan their taxes in advance. By providing homeowners with the flexibility to opt for the more beneficial tax regime based on individual circumstances, this amendment will help sustain investor confidence and encourage continued investment in the sector as the government acknowledges the vital role that real estate plays in our economy. We believe this decision will positively impact both developers and homebuyers, fostering a healthier, stable and more resilient real estate market.”

All funds raised support the nonprofit’s mission to empower families and accelerate research toward treatments and a cure for Rett syndrome.

(St. Louis, Mo., Aug. 9, 2024) — The International Rett Syndrome Foundation (IRSF) will host its 17th annual St. Louis Strollathon on Sat., Oct. 19 with registration starting at 1 p.m. and the walk beginning at 2 p.m. The one-mile family-friendly stroll, which will be held at the JCC St. Louis located at 2 Millstone Campus Dr., includes a visit from Fredbird, entertainment and food.

The St. Louis Strollathon has raised a total of more than $900,000 since its first event in 2008. The Strollathon is the area’s major fundraising event and brings together families from across the Midwest affected by Rett syndrome. All proceeds will benefit the International Rett Syndrome Foundation.

Rett syndrome is a rare genetic neurological disorder that occurs almost exclusively in girls (one in 10,000 births), more rarely in boys, and leads to severe impairments. It is usually recognized in children between six to 18 months as they begin to miss developmental milestones or lose abilities they had gained, including their ability to speak, walk, eat, and even breathe. Rett particularly affects speech, purposeful hand use, and coordination, leaving individuals trapped in their own bodies, understanding more than they can communicate. There is currently no cure for Rett syndrome.

St. Louis is home to a specialty clinic – a collaboration between Washington University School of Medicine and St. Louis Children’s Hospital. The clinic has a team of specialists with substantial experience in the diagnostic evaluation and treatment of individuals with Rett syndrome.

Since 2004, these nationwide family-friendly strolls have raised more than $17 million to advance IRSF’s mission to empower families and accelerate research toward a world without Rett Syndrome.

The International Rett Syndrome Foundation (IRSF) is the leading Rett syndrome research and advocacy organization. IRSF has invested over $58 million in research leading to identifying Rett syndrome’s cause, demonstrating Rett syndrome is reversible in mice, and supporting the clinical trials that led to the first-ever FDA-approved treatment. For more information, visit www.rettsyndrome.org.

Donations are appreciated to the Strollathon, which is free and open to the public. For more information, call (314) 346-1323 or visit the organization’s website at www.st-louis.strollathon.org.