What enables the affluent to attain and maintain wealth? Why do some individuals see their fortunes and respect diminish over time? Why does prosperity seem out of reach for many, despite their belief in their chosen path? Many fail to recognize that the wealth gap is a multifaceted issue that extends beyond mere income disparities….
In Budget 2024, provisions relating to capital gains tax were streamlined and simplified to make the calculation simpler. These provisions — rolled out with immediate effect — will impact the gains arising out of the sale of real estate and the sale of financial assets including securities, jewellery, bonds and mutual funds. Investors of mutual…
Finance Minister Nirmala Sitharaman has proposed drastic changes in capital gains taxation. This article will discuss budget proposals related to the taxation of equity market transactions. Increase in the tax rate and enhanced tax-free amount of long-term capital gains Presently, the profits on the sale of listed shares and units of equity-oriented schemes of mutual…
With the revision of tax rates in the new tax regime (NTR) announced in Budget 2024, some taxpayers are in a dilemma about the rates at which they have to calculate their income tax liability while filing their income tax returns ahead of the July 31 deadline. In Budget 2024, Finance Minister Nirmala Sitharaman announced…
Although many taxpayers anticipated the possibility of capital gains tax rationalisation in Budget 2024, not many were expecting the tax rates to be raised, said Saumya Aggarwal, assistant professor, department of commerce at Shri Ram College of Commerce, University of Delhi. In a telephonic interview with MintGenie, Aggarwal also spoke about the National Pension System…
In Budget 2024, finance minister Nirmala Sitharaman announced a significant amendment regarding the treatment of rental income from residential property. Previously, individuals could report their rental income as business income, but this will now change. Rental income from residential property must be reported under the ‘Income from House Property’ category, as per Section 24 of…
In the Union budget for 2024-25, among the 85 proposed amendments in the Finance (No. 2) Bill, 2024, the revision concerning the taxability of long-term capital gains (LTCG) from the sale of immovable property, effective 23 July 2024, has garnered significant attention. This piece deciphers the complexities of this critical budget amendment, offering practical calculations…
Budget 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. Finance Minister Nirmala Sitharaman, in her Budget 2024, has proposed some changes in the capital gains sphere to make the taxation of capital gains…
Real estate transactions had enjoyed lower effective tax rates due to indexation benefits that adjusted for inflation before levies were made. With the union budget removing indexation benefits across asset classes, a higher appreciation in property prices would actually reduce the tax payout for real estate investors. If the returns are higher, the new long-term…
With the unveiling of Union Budget 2024-25, personal finance is set for a transformation that promises both simplification and strategic shifts. Although the anticipated increase in the tax-free threshold didn’t materialize, the proposed changes signal a move towards a more streamlined tax system. Finance minister Nirmala Sitharaman is recalibrating the tax landscape, favouring reduced rates,…
