Union Budget: Long-term capital gains on financial, non-financial assets will attract a tax rate of 12.5 per cent
Union Finance Minister Nirmala Sitharaman 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 of exemption of capital gains on certain financial assets from ₹ 1lakh to ₹ 1.25 lakh per year," Union Finance Minister Nirmala Sitharaman said.
As proposed by Sitharaman, 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.
She stated that the listed financial assets held for more than a year will be classified as long term, while unlisted financial assets and all non-financial assets will have to be held for at least two years to be classified as long-term.
The Union Finance Minister added that the unlisted bonds and debentures, debt mutual funds and market linked debentures, irrespective of holding period, will attract tax on capital gains at applicable rates.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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