theIASHub | 26 Jul, 2024
Context: Recently debate going on because government is not open to reviewing the long term capital gains for sale of property.
Capital gains tax
oSTCA ( Short-term capital asset ) An asset held for a period of 36 months or less is a short-term capital asset.
oLTCA ( Long-term capital asset ): An asset held for more than 36 months is a long-term capital asset.
oFor classifying assets into long-term and short-term, there will only be two holding periods: 12 months and 24 months. The 36-month holding period has been removed.
oThe holding period for all listed securities is 12 months. All listed securities with a holding period exceeding 12 months are considered Long-Term. The holding period for all other assets is 24 months.
oThe taxation of Short-Term Capital Gain for listed equity shares, a unit of an equity-oriented fund, and a unit of a business trust has been increased to 20% from 15%.
oThe limit on the exemption of Long-Term Capital Gains on the transfer of equity shares or equity-oriented units or units of Business Trust has increased from Rs.1 Lakh to Rs.1.25 lakh per year. However, the rate at which it is taxed has increased from 10% to 12.5%
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