The Union Budget for FY 2024-25 has made changes to Income Tax Slabs and Capital Gains.
The slabs under the new regime Income Tax are as follows:
| Revised tax slabs | Revised tax % |
| Up to 3 lakh | Nil |
| 3 lakh to 7 lakh | 5% |
| 7 lakh to 10 lakh | 10% |
| 10 lakh to 12 lakh | 15% |
| 12 lakh to 15 lakh | 20% |
| Above 15 lakh | 30% |
Further standard deduction increased to 75000 from 50000 (Applicable under the New Tax Regime only).
The new rates of Capital Gains tax are as follows:
|
Asset Class |
STCG | Holding Period | LTCG |
|
Equities and equity mutual funds |
20% | 1 year | 12.5% |
|
Bonds (listed)/Listed debentures |
Slab rate | 1 year |
12.5% |
|
Debt and non-equity mutual funds |
Slab rate | Classified as short-term gain regardless of the holding period | |
| REITs/InVITs | 20% | 1 year |
12.5% |
|
Physical real estate |
Slab rate | 2 years | 12.5% |
| Unlisted equity | Slab rate | 2 years |
12.5% |
|
Unlisted bonds |
Slab rate | 2 years | Slab rate |
| Gold | Slab rate | 2 years |
12.5% |
| Unlisted debentures/MLDs | Slab rate | NA |
Slab rate |
