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The Union Budget 2024 significantly altered India's capital gains tax regime. LTCG tax rates rose from 10% to 12.5%, and the indexation benefit was removed. These changes aim to simplify the tax system and align India with global standards, making it a competitive investment destination for domestic and international investors.
The Union Budget 2024 introduced significant changes to the capital gains tax regime in India, which have sparked considerable discussion among investors and financial experts. The Long-Term Capital Gains (LTCG) tax rate has been increased from 10% to 12.5% for all financial and non-financial assets, and the indexation benefit, which allowed investors to adjust the purchase price of an asset for inflation, has been removed for capital assets.
The adjustments to India’s capital gains tax rates reflect a move towards a more streamlined and globally competitive tax regime. While the removal of the indexation benefit may pose challenges for investors, the overall changes are designed to simplify the tax system and provide greater predictability. Compared to other countries, India’s new LTCG rates are competitive and align well with international standards, making it an attractive destination for both domestic and international investors.
Investing internationally offers Indian investors a chance to diversify their portfolios and tap into global growth opportunities. However, understanding the LTCG tax rates in various countries is crucial for making informed and sound investment decisions.
The below chart depicts an overview of LTCG tax rates in prominent countries where Indian investors often seek to invest:
Country | Tax Rates (basis the information available publicly) |
India | W.e.f. 23 July 2024:
|
Australia |
|
Cambodia |
|
Canada |
|
China |
|
Germany |
|
Indonesia |
|
Malaysia |
|
Philippines |
|
Singapore |
|
Thailand |
|
United Arab Emirates (UAE) |
|
United Kingdom (UK) |
|
United States (US) |
|
Vietnam |
|
The changes in India’s LTCG tax rates, i.e., the increase to 12.5% and the removal of the indexation benefit, bring India’s tax regime closer to global standards. The new 12.5% LTCG rate in India is still lower than the tax rates than other countries such as US, UK, Thailand, Malaysia etc. as discussed above.
Further, the increase in the exemption limit to INR 1.25 lakh provides relief to small investors, aligning with the exemption thresholds seen in other countries like the UK’s annual exempt amount.
Countries like Singapore and the UAE, which do not impose a capital gains tax, remain more attractive from a tax perspective, but India’s rates are competitive within the broader global context. The changes aim to balance revenue generation with the need to maintain an attractive investment environment.
To conclude, it’s important for an Indian investor intending to diversify their portfolios internationally to make note of LTCG tax rates as applicable in various countries. Each country has its own set of rules and rates, which can significantly impact the overall returns on investment. This holistic view of LTCG rates around the world can help Indian investors strategically plan their investments and optimize their returns.
This article first appeared in The Economic Times on 26 July 2024.