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The major announcement for HNIs was the reduction in the highest surcharge rate to 25 percent from 37 percent under the new tax regime for individuals with income above 5 crore. 

In her 2023-24 budget speech, Sitharaman said the highest tax rate in the country is 42.74 percent.

All individuals with income above 2 crore will now have to pay a 25 percent surcharge on income tax.

The Union Budget for 2023-24 announced that the capital gains on MLDs will now be taxed as short-term capital gains. 


As per the Finance Bill, a special provision for the taxation of capital gains has been introduced in the case of Market Linked Debentures.


Experts believe that the taxation change for MLDs to short-term capital gains will negatively impact HNIs and family offices, especially those who invest in MLDs for tax benefits

Another announcement that will impact the HNIs is the removal of income tax exemption from proceeds of insurance policies in certain cases.

Click here to know more about how the budget affects HNIs

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Budget 2023: How the budget affects HNIs?

The Budget 2023 was a mixed bag for high-net-worth individuals (HNIs). From a reduction in surcharge rate for HNIs to taxing capital gains from market-linked debentures as short-term capital gains, there were some good, and some bad news.

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