Short Term Capital Gains Tax

Short-Term Capital Gains (STCG) on listed shares and equity-oriented mutual funds were subject to a concessional rate of 15% for transfers made on or before July 22, 2024. However, starting July 23, 2024, this rate has been increased to 20%. This change implies that investors will now face a higher tax burden on gains from investments held for less than a year.
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Short Term Capital Gain Tax
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3 mins read
30-December-2024

A short-term capital gain is the profit realised from the sale of short-term capital assets, including depreciable assets, within a specified holding period.

For instance, if Ms. Rita acquired a building for Rs. 10 lakh and sold it within a year for Rs. 15 lakh, she would incur a short-term capital gain of Rs. 5 lakh.

As per the latest changes proposed in the Union Budget 2024, the short-term capital gains tax on certain “specified” financial assets will be 20%. This limit has been increased from the erstwhile 15%.

When it comes to investing in mutual funds and other financial instruments, it is essential to be aware of the tax implications, especially regarding capital gains. Capital gains are the profits earned from the sale or transfer of an asset, and they can be categorized as short-term or long-term based on the holding period of the asset.

In this article, we will delve into the world of Short-term Capital Gains Tax (STCG), exploring what it is, how it is calculated, and the exemptions available to investors. Whether you are a seasoned investor or a newcomer to the financial world, understanding STCG will help you make informed decisions, and optimise your tax planning strategy.

What is short-term capital gains (STCG)?

Short-term capital gains (STCG) refer to the profit earned from the sale of a capital asset held for a short period. In most countries, this period is typically less than one year. The gain is calculated as the difference between the selling price and the purchase price of the asset. STCG is usually taxed at a higher rate compared to long-term capital gains, reflecting its potential to contribute to rapid income generation. Common examples of assets subject to STCG include stocks, bonds, real estate, and other investments sold within the short-term holding period.

What is the current tax rule for STCG?

When you sell a capital asset, like shares or property, the profit or loss you make is categorised into short-term or long-term capital gains/ losses. This determination is based on how long you have held the asset. To qualify as a short-term asset/ long-term asset, different rules apply based on whether the asset is listed or unlisted:

  • In the case of listed assets: If you hold listed assets for more than one year, they are considered long-term. Whereas, if you sell the assets before a year, the gains are considered short-term.

  • In the case of unlisted assets: For unlisted financial and non-financial assets, you need to hold them for at least two years to be classified as long-term; else, they are considered short-term.

In the Budget 2024, the tax rate on short-term capital gains (STCG) on specific financial assets has been increased from 15% to 20%. Short-term gains on all the other financial as well as non-financial assets will continue to be taxed at the applicable tax rates.

When it comes to long-term capital gains, all types of assets, whether financial or non-financial, will now be set at 12.5% (up from the previous rate of 10%) for the financial year 2024-25. Additionally, the government has increased the annual exemption limit for long-term capital gains. Previously, individuals could exempt up to Rs. 1 lakh in gains from taxation, but this limit has been raised to Rs. 1.25 lakh. These changes aim to provide more benefits to middle and lower-income individuals by allowing them to keep more of their capital gains tax-free.

It is worth mentioning that no such exemption limit applies while computing short-term capital gains.

How to calculate short-term capital gains?

To determine your short-term capital gain, you must calculate the difference between the sale price and the purchase price of your asset after factoring in any additional costs or expenses related to the transaction. To accurately determine your STCG, refer to the following format:

Particulars

Amount

Amount

Full value of consideration

XXX

 

Less: Expenses incurred wholly and exclusively for such transfer

(XXX)

 

Net sale consideration

 

XXX

Less: Cost of acquisition

(XXX)

 

Less: Cost of improvement

(XXX)

 

Short-term capital gains (STCG)

 

XXX

Less: Exemptions available under section 54B/ 54D

(XXX)

 

Short-term capital gains chargeable to tax

 

XXX

 

Short-term capital gains tax for FY 2024-25

Type of asset

STCG tax rate

Listed equity shares

20%

Equity-oriented mutual fund units

20%

Unlisted equity shares (including foreign shares)

Income tax slab rate applicable to taxpayer income

Immovable assets (i.e., house, land and building)

Income tax slab rate applicable to taxpayer income

Movable assets (such as gold, silver, paintings etc.)

Income tax slab rate applicable to taxpayer income

 

Current holding period rules for short-term capital gains (STCG)

Type of asset

Holding period for STCG

Listed equity shares

12 months or less

Equity-oriented mutual fund units

12 months or less

Unlisted equity shares (including foreign shares)

24 months or less

Immovable assets (i.e., house, land and building)

24 months or less

Movable assets (such as gold, silver, paintings etc.)

24 months or less


This table provides an overview of the holding periods for different types of assets to be classified as short-term.

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Short-term capital gain tax on mutual funds

The 2024 Budget introduced significant changes to capital gains tax for mutual funds under the Income Tax Act, 1961. A key update was in the taxation of specified mutual funds, such as debt and hybrid funds.

Previously, specified mutual funds were taxed based on a holding period of 36 months: Short-term gains were taxed at slab rates, while long-term gains were taxed at 20% with indexation benefits. Under the new rules, however, gains on specified mutual funds will be taxed as short-term capital gains at the taxpayer's slab rate, regardless of the holding period. This revision applies only to units acquired after April 1, 2023.

A “Specified Mutual Fund” is defined as:

  • A fund with over 65% of assets in debt and money market instruments.

  • Funds with at least 65% assets invested in the funds described above.

STCG rates, holding period on various mutual fund schemes

Asset Type

Earlier rules Holding Period

Earlier rules STCG

New rules after Budget 2024 Holding Period

New rules after Budget 2024 STCG

Equity mutual funds

Up to 12 months

15%

Up to 12 months

20%

Debt mutual funds purchased before April 1, 2023

Up to 36 months

Slab rates

Up to 24 months

Slab rates

Debt mutual funds purchased after April 1, 2023

Always short-term

Slab rates

Always short-term

Slab rates

Domestic equity ETFs

Up to 12 months

15%

Up to 12 months

20%

International equity ETFs (listed in India) before April 1, 2023

Up to 36 months

Slab rates

Up to 12 months

Slab rates

International equity ETFs (listed in India) after April 1, 2023

Up to 36 months

Slab rates

Up to 24 months

Slab rates

International equity ETFs (listed outside India)

Up to 36 months

Slab rates

Up to 24 months

Slab rates

Domestic debt ETFs purchased before April 1, 2023

Up to 36 months

Slab rates

Up to 24 months

Slab rates

Domestic debt ETFs purchased after April 1, 2023

Always short-term

Slab rates

Always short-term

Slab rates

International debt ETFs purchased before April 1, 2023

Up to 36 months

Slab rates

Up to 24 months

Slab rates

International debt ETFs purchased after April 1, 2023

Always short-term

Slab rates

Always short-term

Slab rates

All fund of funds

 

 

 

 

Equity-oriented (invests minimum 90% in equity-oriented fund and such equity-oriented fund also invests 90% of proceeds in listed equity shares in India)

Up to 12 months

15%

Up to 12 months

20%

Other funds purchased before April 1, 2023 (less than 65% in debt)*

Up to 36 months

Slab rates

Up to 24 months

Slab rates

Other funds purchased after April 1, 2023 (less than 65% in debt)*

Always short-term

Slab rates

Always short-term

Slab rates

International fund of funds*

Up to 36 months

Slab rates

Up to 24 months

Slab rates

Gold mutual fund before April 1, 2023

Up to 36 months

Slab rates

Up to 24 months

Slab rates

Gold mutual fund after April 1, 2023*

Always short-term

Slab rates

Up to 24 months

Slab rates

Gold ETFs before April 1, 2023

Up to 36 months

Slab rates

Up to 12 months

Slab rates

Gold ETFs after April 1, 2023*

Always short-term

Slab rates

Up to 12 months

Slab rates

Dynamic/Multi-asset allocation funds

 

 

 

 

Aggressive hybrid fund*

Up to 12 months

15%

Up to 12 months

20%

Balanced hybrid fund*

Up to 36 months

Slab rates

Up to 24 months

Slab rates

Conservative hybrid fund (Purchased before April 1, 2023)

Up to 36 months

Slab rates

Up to 24 months

Slab rates

Conservative hybrid fund (Purchased after April 1, 2023)

Always short-term

Slab rates

Always short-term

Slab rates


*New rates will come into effect from April 1, 2025

Impact of Union Budget on short-term capital gains tax for SIPs

When investing in mutual funds through a Systematic Investment Plan (SIP), each installment is treated as a separate investment for tax purposes. This approach impacts the calculation of holding periods and the applicable tax rate. For example, if you invest Rs. 20,000 in an equity mutual fund through SIP, each contribution is individually tracked to determine short- or long-term capital gains.

The Budget brought some changes to capital gains taxes for mutual funds. The Long-Term Capital Gains (LTCG) tax rate has increased from 10% to 12.5%, resulting in slightly higher taxes for long-term investors. However, small investors might benefit from an increased LTCG exemption limit, now raised to Rs. 1.25 lakh. Short-Term Capital Gains (STCG) tax on equity mutual funds has also increased to 20%, impacting investors with shorter holding periods.

The Budget also introduced Section 50AA, which impacts mutual funds with more than 65% of their investments in debt and money market instruments. These funds will now be treated differently for tax purposes, while Exchange-Traded Funds (ETFs), Gold Mutual Funds, and Gold ETFs are excluded from this definition and will not fall under the "specified mutual funds" category.

Example of Short-Term Capital Gain Tax (STCG) on Mutual Funds

Calculating short-term capital gain for a share is straightforward. Just subtract the original cost of the share from its final selling price. For example, consider the purchase of 100 shares of ABC Ltd. at Rs. 100 each, sold at Rs. 120 each after six months:
Sale Price = Rs. 120 x 100 shares = Rs. 12,000
Purchase Price = Rs. 100 x 100 shares = Rs. 10,000
Short-Term Capital Gain = Rs. 12,000 - Rs. 10,000 = Rs. 2,000

Short-term capital gain tax on equity and non-equity assets

  • Equity-oriented assets such as equity mutual funds are subject to STCG tax at a flat rate of 20% if held for less than 12 months. For example, if an investor sells equity shares after holding them for 9 months and earns a profit of Rs. 50,000, the STCG tax of 20% would apply to this gain.
  • For non-equity assets like units of debt oriented mutual funds, bonds, and gold, the short-term capital gains tax is added to the individual's total income and taxed as per their applicable income tax slab.

Short-term capital gain tax on shares

Short-term capital gains from shares are profits from selling your holdings after holding them for a specified duration of either 12 months or 24 months. If you sell shares that are listed on a stock exchange within 12 months of buying them, any gains you make are classified as short-term capital gains.

However, for shares not traded on a stock exchange (unlisted), if you sell them within 24 months of purchase, the gains are considered short-term capital gains.

How to calculate of short-term capital gain on shares?

To calculate Short-Term Capital Gain (STCG) on shares, subtract the purchase price from the sale price of shares sold within 12 months. The formula is:

STCG = Sale Price - Purchase Price - Expenses related to sale.

STCG on listed shares in India is taxed at 15%, as per Section 111A of the Income Tax Act, after considering expenses like brokerage and transaction fees. Tax exemptions may apply in specific cases.

Tips to reduce the burden of STCG on shares

Short-Term Capital Gains (STCG) on shares can significantly increase your tax liability. However, strategic financial planning can help reduce this burden. Here are some effective tips to minimise the impact of STCG on your overall tax payment:

  1. Utilise capital losses
    Offset STCG by adjusting it against any capital losses from other assets or investments. This can reduce the taxable amount, effectively lowering your tax burden.
  2. Hold investments for longer
    Where possible, hold your investments for over 12 months to benefit from Long-Term Capital Gains (LTCG) taxation, which is generally taxed at a lower rate than STCG.
  3. Tax-loss harvesting
    Sell underperforming assets to realise a loss, which can be used to offset STCG. This tax-loss harvesting method helps balance gains with losses.
  4. Invest in tax-efficient funds
    Opt for tax-efficient mutual funds or exchange-traded funds (ETFs) that align with long-term holding strategies, reducing STCG liabilities.

Short-term capital gain tax on property

  • Calculation: Short-term capital gain on property = Final sale price - cost of acquisition - improvement cost of assets – Transfer expenses.
  • For real estate properties, the short-term holding period is less than 24 months. If a property is sold within this period, any gains made from the sale would be classified as short-term capital gains. Hence, profit earned from selling such capital asset is categorized as an individual’s income and is liable to taxation according to Indian Income Tax Act, 1961.
  • Certain exemptions are available on short-term capital gains from the sale of specific assets, like residential house properties under Section 54, which states, if the gains from the sale of a residential house property are reinvested in another residential house property within the specified time, the investor can claim exemption on the capital gains.

Short-term capital gain tax on hybrid funds

Hybrid funds combine both debt and equity instruments, offering investors portfolio diversification. Tax rates for STCG on these funds vary based on holding periods and equity exposure. Funds with over 65% equity exposure are taxed like equity funds; otherwise, debt fund tax rules apply. It's essential for investors to know the equity exposure of chosen hybrid funds..

Exemption on short-term capital gains

As per the Income Tax Act and the latest changes proposed in Union Budget 2024, you can claim several exemptions available under Section 54B and Section 54D to reduce your tax liability arising from short-term capital gains (STCG). However, this benefit is available upon satisfying some specific conditions. Let’s understand this in detail:

  • Section 54B: This section allows you to avoid paying tax on short-term capital gains if you sell agricultural land used for farming and then reinvest the proceeds into another agricultural property.
  • Section 54D: This section offers a similar benefit for gains from selling industrial land or buildings. If you reinvest the proceeds in another industrial property, you can also reduce your tax liability.

It must be noted that the primary aim of these exemptions is to promote reinvestment in certain types of properties. Hence, the government lessens the tax burden on gains arising from their sale.

Tips for reducing taxes on short term capital gains

While minimising taxes is attractive, it shouldn't be your primary driver for choosing mutual funds. A strong investment strategy aligns with your financial goals and risk tolerance. However, you can incorporate tax-efficiency strategies to enhance your overall returns:

  • Harness the power of long-term investing: Holding mutual fund units for a longer period (typically over one year) helps you benefit from lower tax rates. Long-term capital gains (LTCGs) on equity funds attract a more favourable tax treatment compared to short-term capital gains (STCGs).
  • Explore tax-saving investment options: Consider allocating a portion of your portfolio to Equity-Linked Saving Schemes. These mutual funds offer a tax deduction on your investment amount under Section 80C of the Income Tax Act. This can significantly reduce your taxable income and offer some tax savings benefits.

By combining a long-term investment approach with tax-efficient options like ELSS funds, you can achieve your financial goals while minimising your tax burden. Remember, consult a financial advisor to ensure these strategies align with your specific investment needs and risk profile.

Why is understanding STCG important?

The concept of short-term capital gains (STCGs) plays a crucial role in understanding your potential returns and tax implications when investing in mutual funds. Both factors are essential for making informed investment decisions.

STCGs and investment horizon:

  • Targeting short-term gains: If your investment horizon is short-term (less than a year), you might prioritise mutual funds with the potential for higher STCGs. This approach can be suitable for meeting short-term financial goals.
  • Long-term considerations: For long-term investment goals, tax efficiency becomes more critical. STCGs are generally taxed at a higher rate compared to long-term capital gains (LTCGs). Therefore, if the potential tax difference on a Rs. 5,000 STCG outweighs the immediate gain (e.g., facing a Rs. 6,000 higher tax bill), holding the investment for the long term to qualify for LTCG benefits might be a wiser strategy. This allows you to potentially keep more of your returns.

Conclusion

In conclusion, short-term capital gains tax (STCG) is an important aspect of taxation that investors must consider while making financial decisions. Understanding the holding period of assets and the applicable tax rates can help investors optimise their tax liabilities and plan their investments more efficiently.

Additionally, exploring the exemptions available on short-term capital gains can further enhance the tax efficiency of your investment portfolio. As with any tax-related matters, it is advisable to seek professional advice and stay updated with the latest tax regulations to make the most of your investments and achieve your financial goals effectively.

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Frequently Asked Questions

What is the tax rate on short-term capital gains?

As per the latest changes introduced in the Union Budget 2024, short-term capital gains (STCG) on certain financial assets will be taxed at a higher rate of 20% instead of the previous 15%. For all other assets, whether financial or non-financial, the existing tax rates (15%) based on the asset type will still apply.

Moreover, when it comes to long-term capital gains (LTCG), the tax rate is 12.5% (up from the previous rate of 10%) for both financial and non-financial assets.

What is the exemption of capital gains tax?

Certain investments, such as Equity Linked Savings Schemes (ELSS) and investments in specified bonds, enjoy exemptions from capital gains tax under Section 54F of the Income Tax Act, provided specific conditions are met.

Can we claim 80C and 80U deduction against short term capital gain?

No, deductions under sections 80C to 80U are not applicable to short-term capital gains. These deductions are primarily related to specific investments, expenses, and disabilities, and they apply to the computation of total income.

How do you avoid short term capital gain tax?

Investors can avoid short-term capital gains tax by holding onto their investments for longer periods to qualify for the benefits of long-term capital gains taxation, which generally attracts lower tax rates compared to short-term gains.

What is the time period for short-term capital gains?

Short-term capital gains apply to profits made from the sale of assets held for less than 36 months, excluding certain assets like equity shares and mutual fund units, which have a shorter holding period for short-term capital gains tax applicability.

Is short term capital gain taxable?

Yes, short-term capital gains are subject to taxation at the applicable income tax rates. These gains arise from the sale of assets held for a short duration, typically less than 36 months, and are taxed according to the individual's income tax slab.

How much short-term capital gain is tax free?

As per the latest changes proposed in the Union Budget 2024, there is an exemption limit of Rs 1.25 lakh per year (increased from the erstwhile limit of Rs. 1,00,000 per year) for long-term capital gains (LTCG), but no such exemption exists for short-term capital gains (STCG).

However, on the positive side, the basic exemption limit has been set at Rs. 3 lakh, and the standard deduction has been raised to Rs. 75,000 under the new tax regime. This change will provide an additional Rs. 17,500 in savings for salaried individuals, which is expected to boost spending and support economic growth.

What is an example of a short-term capital gain?

Selling shares of a company within a year of purchase and making a profit qualifies as a short-term capital gain. For example, if you buy shares at Rs. 500 each and sell them for Rs. 700 within a year, the Rs. 200 profit per share is considered a short-term capital gain. With the new Union Budget 2024 changes, this gain would now be taxed at 20%, up from the previous rate of 15%

Is short-term capital gain below Rs. 1 lakh taxable?

Yes, short-term capital gains (STCG) are taxable regardless of the amount. Unlike long-term capital gains (LTCG), which have an exemption limit of Rs 1.25 lakh per year (increased from Rs. 1,00,000 in the Union Budget 2024), there is no exemption limit for STCG.

Therefore, even if your short-term capital gains are below Rs. 1 lakh, they are still subject to tax at the applicable rates.

Is short-term capital gain taxable at 30%?

As per the latest changes proposed in Union Budget 2024, short-term capital gains (STCG) on certain specified financial assets will be taxed at 20%, up from the previous rate of 15%. This new rate only applies to these specific assets. For all other financial and non-financial assets, short-term capital gains will continue to be taxed at their usual rates (15%).

How to calculate short-term capital gain on shares?

To calculate short-term capital gains on shares, subtract the purchase price from the selling price. Any expenses related to the sale, such as brokerage fees, can be deducted. The resulting amount is your short-term capital gain, which is taxed according to the applicable income tax slab rates.

What is the new tax rate for short-term capital gains according to the union budget 2024?

As per the latest changes proposed in Union Budget 2024, short-term capital gains (STCG) on certain specified financial assets will be taxed at 20% (an increase of 5% from the previous rate of 15%). This new rate only applies to these specific assets. For all other financial and non-financial assets, short-term capital gains will continue to be taxed at their usual rates.

When will the new short-term capital gains tax rate be effective?

As per the latest changes introduced by the Union Budget 2024, short-term gains on listed equity shares will now be taxed at 20%, up from the current rate of 15%. On the other hand, short-term gains on all other financial and non-financial assets will continue to be taxed at their current applicable rates. These changes are set to take effect immediately starting from July 23, 2024 (the date on which the Union Budget 2024 was released).

How will the increased STCG rate impact retail investors?

The increased short-term capital gains (STCG) tax rate from 15% to 20% on listed equity shares will lead to higher tax liabilities for retail investors. It will reduce their net returns from short-term trades. This change can discourage frequent trading and encourage investors to hold shares for longer periods to benefit from lower long-term capital gains tax rates. Consequently, retail investors might shift their focus towards long-term investments. Furthermore, this shift can also affect market liquidity and volatility due to an expected decrease in short-term trading activity.

Why did the government increase the STCG tax rate?

The government increased the short-term capital gains (STCG) tax rate on specific financial assets from 15% to 20% in Budget 2024. This move aims to align tax rates more closely with other financial instruments and address tax disparities. Additionally, it seeks to increase government revenue and encourage long-term investment by making short-term trading less attractive.

What are the current holding periods for assets to qualify as short-term?

The proposed changes in the capital gains tax regime aim to simplify the classification of assets into short-term and long-term categories. For all listed securities, the holding period to determine long-term capital gains will now be 12 months. For all other unlisted assets, including bonds, shares, immovable property, debentures, and gold, it will be 24 months. This adjustment reduces the holding period for these assets from the previous 36 months. These changes are intended to simplify tax regulations and create consistency.

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