Capital gains exemption limit to be hiked: Sitharaman

Finance Minister Nirmala Sitharaman on Tuesday said the government plans to raise capital gains exemption limit on certain financial assets to Rs 1.25 lakh per year for middle and upper middle class.

Presenting the Budget for 2024-25, she announced a hike in STT (securities transaction tax) on F&O (futures and options) securities by 0.02 per cent and 0.1 per cent.

Income receipt on share buyback will be taxed in the hands of recipients, Sitharaman added.

To reduce tax litigation, the finance minister said the government is planning Vivad Se Vishwas Scheme 2024.

She also said Rs 10 lakh crore has been proposed for PM Awas Yojana - Urban 2.0 to address housing needs of 1 crore urban poor and middle class.

She also announced 12 new industrial parks to be developed under the National Industrial Corridor Development programme.

• Budget and tax related queries? Ask rediffGURUS HERE.