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Union Budget 2024: Capital gains tax rates raised
Updated On: 23 July, 2024 02:46 PM IST | Delhi | mid-day online correspondent
The annual exemption ceiling for capital gains on listed financial assets is now Rs 1.25 lakh, up from Rs 1 lakh previously.
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Nirmala Sitharaman with red `Bahi Khata`/ PTI
Finance Minister Nirmala Sitharaman announced increases in both long-term and short-term capital gains tax rates as part of the Union Budget 2024. Short-term capital gains on specific financial assets will be taxed at 20 per cent rather than 15 per cent. Long-term gains on all financial and non-financial assets will be taxed at 12.50 per cent, not 10 per cent, as previously. The annual exemption ceiling for capital gains on listed financial assets is now Rs 1.25 lakh, up from Rs 1 lakh previously.
"Short-term gains on certain financial assets shall henceforth attract a tax rate of 20 per cent, while that on all other financial assets and all non-financial assets shall continue to attract the applicable tax rate," FM Sitharaman said in her Union Budget 2024 speech.
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