The Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman on July 23, 2024, introduced significant amendments to the taxation of capital gains. These changes aim to simplify the tax structure while providing relief to taxpayers. However, the question remains: do these changes actually offer relief to taxpayers, or do they add to the complexity? This article delves into the key amendments and provides a detailed analysis of the new rules for calculating capital gains tax.
Overview of Changes in Capital Gains Taxation
The new budget has introduced a range of changes to the taxation of both short-term and long-term capital gains. These changes affect various asset classes, including listed stocks, equity mutual funds, real estate, gold, and more. The objective is to provide clarity and a more streamlined tax process, but the impact on taxpayers varies depending on the type of asset.
Key Amendments to Capital Gains Tax Rates
The table below summarizes the old and new tax rates for different types of assets, both for short-term capital gains (STCG) and long-term capital gains (LTCG):
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