Mehul Vyas, a Mumbai-based professional and former member of Zonal Railway User's Consultative Committee of Western Railway had posted a suggestion to Indian government on July 28, 2024 on twitter/X to roll back or amend/modify the tax and indexation benefits available for Indian citizens on Long Term Capital Gains (LTCG) tax on sale of property in India.

Yesterday evening on August 6, 2024, the Indian government decided to offer a choice to Indian taxpayers in cases of sale of property acquired before July 23, 2024. As per this latest ammendment, Indian citizens can opt to pay LTCG tax at the rate of 20 per cent with indexation benefit, or pay at the new rate of 12.5 per cent without indexation benefit.

Taxpayers would be expected to pay the lower tax amount of the two options.

While tabling her seventh Union Budget in Parliament on July 23, 2024, India's finance minister Ms Nirmala Sitharaman announced changes to long-term capital gains taxation, including the removal of the indexation benefit for capital gains tax on real estate sales. 

"Since the latest LTCG amendment and the announcement by Indian government last evening, I am constantly complimented on the social media and also am getting many congratulatory phone calls as Indian government took cognizance of my last week's social media post in the interest of honest tax payers of our country," said Mehul Vyas. 

Mehul Vyas is also former member (special invitee) of Mumbai Suburban District Planning Committee of Government of Maharashtra. Also, he is an ex-Special Executive Officer, Mumbai Suburban, Government of Maharashtra.