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Any profit or gain that arises from the sale of a ‘capital asset’ comes under the category ‘income from capital gains’, and hence individuals will need to pay tax for that amount in the year in which the transfer of the capital asset takes place. This is called capital gains tax. Here's a look at the changes that will take place from April 1, 2023
April 1 marks the beginning of a new financial year and it is always significant from a personal finance point of view as most of the Budget proposals take into effect from this day. While Budget 2023 announced several changes that relate to common people, one of these is the change in capital gain structure. It's important to take a look at these to avoid any problems while dealing with them.
Here are the capital gains tax changes that will take place from April 1, 2023:
No capital gains on converting physical gold to digital gold
Converting physical gold to Electronic Gold Receipt and vice versa will not be considered a transfer and not attract any capital gains from April 1, 2023. This would promote investments in the electronic equivalent of gold.