Parliament Monsoon Session: Lok Sabha passes Finance Bill 2024

The Lok Sabha on Wednesday passed the Finance Bill 2024 after the government relaxed the just-introduced new capital gains tax on real estate, allowing taxpayers an option to switch to a new lower tax rate or stay with the old regime that had higher rate with indexation benefit. Finance Minister Nirmala Sitharaman, who in her Budget for 2024-25 proposed to lower the long-term capital gains tax on real estate to 12.5 per cent from 20 per cent but without the indexation benefit, moved an amendment to the bill to give the option. Indexation benefit allows taxpayers to arrive at the cost price of the property after adjusting for inflation. The amendment came after the new provision was criticised for raising tax incidence and disincentivizing investments in the real estate.

Finance Minister Nirmala Sitharaman today introduced the Appropriation (No 2) Bill 2024 in the Rajya Sabha which authorises certain sums out of the Consolidated Fund of India for services in 2024-25. Sitharamam also introduced the Jammu and Kashmir Appropriation (No.3) Bill, 2024 in the Upper House. The Lok Sabha passed the two legislations last week. Initiating the discussion on the bills, Digvijaya Singh of Congress stated that the focus of the government should be on reducing the disparity between rich and poor, tackling price rise and generating employment. Attacking the government, he said that for the last decade the government has just worked for the benefit of big corporations. He stated that household savings have come down in the country signalling that poverty is on the rise.

Chhattisgarh has seen significant development in its railway infrastructure in the last ten years with 58 express trains and 128 passenger trains covering the state, Railway Minister Ashwini Vaishnaw said on Wednesday. During the Question Hour in the Lok Sabha, BJP MP Brijmohan Agrawal inquired about the number of trains operating in Chhattisgarh over the past three years and the current stage of revenue generation from these operations. Responding to these queries, Vaishnaw provided a detailed overview of the progress made and the funds allocated. Vaishnaw acknowledged that in the past, there was a chronic underfunding of railway projects in the region. However, he said that the situation has improved significantly in recent years.

The Election Commission of India has announced elections for 12 seats of Rajya Sabha which fell vacant. The polling will take place on September 3.

The Central government is likely to introduce the bill related to Waqf Board in the Parliament on Thursdy, said sources.

Rajya Sabha has been adjourned till 2 pm. 

LoP Rahul Gandhi asks Centre in Lok Sabha to increase compensation for victims of Wayanad landslides.

Minister of Sports and Youth Affairs Mansukh Mandaviya will speak over Vinesh Phogat's disqualification at 3 pm in Lok Sabha.

Union Minister Nitin Gadkari replies to the question raised by Congress MP Ranjit Ranjan regarding the use of Bio-Bitumen in Indian road infrastructure during the Question Hour in Rajya Sabha. 

Union Minister Pralhad Joshi replies to the questions asked by a member during the Question Hour in Lok Sabha regarding the storage capacity of FCI.

Union Minister of State for Commerce and Industry replies to the questions asked by members during the Question Hour in Lok Sabha regarding the development of the IT Hub. 

List of business in Lok Sabha:

• Paper to be laid on Table
• Matters under Rule 377
• Statement by Ministers
• The Finance (No.2) Bill, 2024 (for consideration and passing)

Congress MP Hibi Eden has given an adjournment motion notice in the Lok Sabha to discuss the issue of 'Mullaperiyar Dam'.

The Finance Bill for the financial year 2024-2025 which was moved by Union Finance Minister Nirmala Sitharaman on August 6, will be taken into consideration and passing in Lok Sabha on Wednesday. 

"Further consideration of the following motion moved by Nirmala Sitharaman on the 6th August 2024 namely, that the Bill to give effect to the financial proposals of the Central Government for the financial year 2024- 2025, be taken into consideration. Nirmala Sitharaman to move that the Bill be passed," the agenda read.

Congress MP Manickam Tagore gives adjournment motion notice in Lok Sabha to discuss the issue of 'Caste-based Census'.