Budget 2024: FM unveiled a revised tax framework for long-term capital gains

In Budget 2024, Finance Minister Nirmala Sitharaman announced a flat 12.5% tax rate on all long-term capital gains (LTCG) and revised the exemption limit to 1.25 lakh per year.

Abeer Ray
Published23 Jul 2024, 12:41 PM IST
long-term capital gains
long-term capital gains

Budget 2024: Finance Minister, Nirmala Sitharaman, unveiled a revised tax framework for long-term capital gains (LTCG). Here are the details:

  • Revised tax rate: All long-term capital gains (LTCG) on assets, including both financial and non-financial, will be subject to a flat rate of 12.5%, replacing the current varied rates across asset classes.
  • Updated exemption limit: The annual exemption limit for capital gains eligible for tax exemption has been adjusted to 1.25 lakh.

    Furthermore, the Finance Minister also suggested increasing the exemption limit for capital gains on specific financial assets to 1.25 lakh per annum, up from the previous threshold of 1 lakh.

    In the Budget, listed financial assets held for more than a year are categorized as long-term assets, while unlisted financial assets and all non-financial assets held for at least two years will also be classified as long-term. In contrast, unlisted bonds, debentures, debt mutual funds, and market-linked debentures will incur capital gains tax at applicable rates regardless of their holding period.

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First Published:23 Jul 2024, 12:41 PM IST

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