Diabytes
LTCG tax News
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The statement makes it clear that the new legislation is focused on making the law easier to understand and streamlining the existing provisions, without introducing any changes in the current tax structure.
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Cost Inflation Index (CII) is used by taxpayers to calculate long-term capital gains arising out of sale of capital assets after adjusting inflation.
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This tax was discontinued in 2005, but was reintroduced in 2018 in the Union Budget for that fiscal.
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Long-term capital gains are taxed at 10 per cent on profits earned by selling equities
In case of a property, LTCG is taxed at 20 per cent
There are various sections under which LTCG tax can be minimized
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Hasmukh Adhia said he will discuss the issue of fall in local markets with Finance Minister Arun Jaitley.
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Adhia, who is also the revenue secretary, said the income of government from Securities Transaction Tax (STT) is a paltry Rs 9,000 crore.
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