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SIMPLIFIED CAPITAL GAIN TAX RATES FOR BETTER PUBLIC UNDERSTANDING: REVENUE SECRETARY
The Business Guardian
|July 25, 2024
The changes in the capital gain taxes have been announced to make the rates simple so people can understand their tax rates well, said Revenue Secretary, Sanjay Malhotra.
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“Our intention is to make it simple, and reasonable,” Malhotra told ANI, reacting to the announcements.
As part of the Union Budget, Finance Minister Nirmala Sitharaman announced that short-term gains on certain financial assets 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.
The Finance Minister proposed that the long-term gains on all financial and non-financial assets will attract a tax rate of 12.5 per cent. For the benefit of the lower and middle-income classes, she proposed to increase the limit on the exemption of capital gains on certain financial assets from Rs 1 lakh to Rs 1.25 lakh per year.
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