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Capital Gains taxes hiked
New Delhi: Union Finance Minister Nirmala Sitharaman has announced an increase in both long-term and short-term capital gains tax. The government has...
New Delhi: Union Finance Minister Nirmala Sitharaman has announced an increase in both long-term and short-term capital gains tax. The government has also proposed to do away with the indexation benefit for sale of property, which allowed property owners to adjust their gains for inflation. While the short-term capital gains tax has been increased from 15 per cent to 20 per cent, LTCG will be flat at 12.5 per cent.
On the positive side, for the benefit of the lower and middle-income classes, Sitharaman proposed to increase the limit of exemption of capital gains on certain listed financial assets from Rs 1 lakh to Rs 1.25 lakh per year. Listed financial assets held for more than a year are 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.
