New Delhi, Jan. 27 -- In the run-up to Budget 2025, it is an opportune time to recall the key personal finance changes-which, incidentally, were quite a few-that Finance Minister Nirmala Sitharaman introduced in her previous Budget on July 23, 2024.

Notably, the Union Budget is presented every year on February 1 but 2024 was a year of general elections. Therefore, the final budget was presented in July after the BJP-led NDA government was re-elected on June 4.

For the uninitiated, the previous Budget was fairly crucial for most taxpayers as the entire capital gains tax structure was revamped. The rate of tax was reduced from 20 per cent to 12.5 percent, indexation benefit was removed and the exemption limit was raised from Rs.1 lakh to ...