Budget 2024, July 25 -- 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 rational.

Let us discuss the amendments proposed in the taxation of debt and bullion products.

For a long time, all mutual fund schemes were classified into two categories-equity and non-equity schemes-which included debt funds of all variations and bullion ETF/saving funds. The long-term capital gains in the first category were taxed at a flat rate of 10% over the initial Rs.1 lakh, which ...