Budget 2024-25 Updates: Overhaul in Capital Gains Tax, Long-Term Gains Tax Hiked to 12.5%
The Finance Minister Nirmala Sitharaman has announced major changes to the capital gains tax structure in India. The capital gains tax is levied on profits from selling assets like gold, real estate, and stocks. According to the Budget announcement, the tax on long-term capital gains (profits from selling assets held for more than two years) has been increased from 10 percent to 12.5 percent. For short-term capital gains, the tax rate on profits from selling a financial asset within a year of purchase remains at 20 percent. This means that long-term investments now attract a higher tax, while short-term gains continue to be taxed at the higher rate of 20 percent.
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