How are residents & NRIs taxed on sale of jointly-owned property?

Capital gains from selling property jointly owned with NRIs are calculated separately for each co-owner as per ownership share. Resident individuals who acquired property before July 23, 2024, can choose between paying 20% tax with indexation or 12.5% without indexation. For NRIs, capital gains from such property are taxed at 12.5% without indexation, along with applicable surcharge and cess.