Budget 2024: What amendments are proposed in taxation of debt and bullion products- Let’s find out
Live MintBudget 2024: The Capital gains sphere has become very complicated due to amendments made in isolation over the years in laws relating to holding periods and taxation of various asset classes. This created a third category of mutual fund scheme profit, which was treated as short-term capital gains and taxed at the slab rate applicable to the taxpayer. Removal of indexation benefits, change in tax rate for long-term capital gains and holding period requirement The finance minister has proposed to do away with indexation benefits for long-term capital assets of all the categories, such as taxation of long-term capital gains on listed shares and equity mutual funds. Short-term capital gains of the second category of mutual funds will continue to be taxed at the slab rate applicable to you. Changes in holding period requirement for bullion products With amendments proposed to remove the anomaly created by last year’s amendment, the bullion ETF and saving funds will be treated like units of a second category of mutual fund schemes, except that the ETFs will become long-term capital assets after 12 months.
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