As we approach the new financial year, it is important to know beforehand about the changes in income tax rules, as this is also when the proposed finance bill comes into force. It keeps us prepared and ready for the changes needed to fine-tune our portfolio.
Based on the proposals made in Budget 2023, Neeraj Agarwala, Partner, Nangia Andersen India, shared some new tax rules to kick in from April 1:
The cost of acquisition or the cost of improvement, shall not include the amount of interest claimed under Section 24 or Chapter VIA. Accordingly, capital gain on sale of property will be higher and erstwhile double deductions claimed by the taxpayer will be eliminated.
Hence, as you step into the new financial year be mindful of the above-mentioned changes to take the right decision when it comes to your money.