Union Budget 2024-25: Major Hike in Short Term, Long Term Capital Gains

The Union Budget 2024-25 proposes significant increases in short-term and long-term capital gains tax rates. For short-term capital gains, the tax rate will rise from 15% to 20%, while long-term capital gains exceeding ₹1 lakh will be taxed at 20% instead of the previous 10%. This adjustment aims to boost government revenue and align tax rates more closely with the prevailing economic conditions. Additionally, the budget outlines measures to enhance tax compliance and streamline the process for taxpayers.