created by Rajesh Dhruva

BUDGET 2024

BUDGET 2024
 

INCOME TAX PROVISION – RELATED TO NRI’S

A.  CAPITAL GAIN :

01.  Capital gains arises from Sale of Shares and Mutual Funds has been Increased as under;

Tax Type

Condition

Applicable Tax

 

Long-term capital gains tax (LTCG)

Sale of:

  • Listed Equity shares (If STT has been paid on purchase and sale of such shares)
  • units of equity oriented mutual fund (If STT has been paid on sale of such units)

 

12.5% over and above Rs 1.25 lakh

Others

12.5%

 

Short-term capital gains tax (STCG)

When Securities Transaction Tax (STT) is not applicable

 

Normal slab rates

 

When STT is applicable

 

20 %

 

02. Basic Amount of Exemption on Long Term Capital Gains of Shares and Equity Oriented Mutual Funds has been increased from 1 lakh to 1.25 lakh.

03.  Capital Gain on Sale of Immovable Property

v From 23rd July,2024 Indexation benefit has been removed i.e., w.e.f 23rd July 2024 Long Term Gain will be calculated as difference of Cost of Purchase and Sale Proceeds.

v At the same time rate of tax on Long Term Capital Gains has been reduced from 20% plus surcharge and cess to 12.50% plus surcharge and cess.

04.  Tax Deduction at Source

v  As Long-Term Gain tax has been reduced from 20% to 12.5% withholding tax has been reduced to 12.50% plus surcharge and cess

 

B   New Tax Slab Rate

New Tax Regime u/s 115BAC

Income Tax Slab

Income Tax Rate

From 0 to 3,00,000

Nil

From 3,00,001 to 7,00,000

5

From 7,00,001 to 10,00,000

10

From 10,00,001 to 12,00,000

15

From 12,00,001 to 15,00,000

20

From 15,00,001 and above

30