Budget 2024: Finance Minister Nirmala Sitharaman announced an increase in both long-term and short-term capital gains tax in her budget speech earlier today. As per definition, any profit or gain that arises from the sale of a ‘capital asset’ is a capital gain.
Sitharaman announced that short-term capital gains on “specified” financial assets will henceforth attract a tax rate of 20 per cent instead of 15 per cent. While all other financial assets and non-financial assets shall continue to attract the “applicable tax rate”.
