Changes in LTCG tax post Budget 2024: Higher tax rate with indexation benefits, grandfathering for ancestral properties being considered?

The Modi government's Union Budget 2024 proposed reducing the LTCG tax on property to 12.5% and eliminating indexation for post-April 2001 purchases. Industry groups are suggesting a gradual shift and options for higher tax rates with indexation. The finance ministry is reviewing these proposals.