Union Finance Minister Nirmala Sitharaman with a red pouch carrying the Budget documents.
Credit: PTI Photo
New Delhi: 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.
Union Budget 2024 LIVE | Making a record for any Finance Minister, Nirmala Sitharaman presented her 7th consecutive Union Budget on July 23, 2024 under the Modi 3.0 government. This Budget brought tax relief for the middle class, while focusing on jobs through skilling, incentivising employers. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.