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Cannot become Viksit Bharat without taxing capital gains appropriately: Fin Secy Somanathan

NewsAnchor · 2024-07-24T09:37:12.997861+05:30

- India cannot achieve the status of Viksit Bharat without appropriately taxing capital gains, according to Finance Secretary TV Somanathan. - Somanathan emphasized that earners of capital gains are not poor and should be taxed at a decent rate. - The recent hike in long-term capital gains tax (LTCG) to 12.5% from 10% is part of a move to simplify and make the capital tax regime more uniform. - Somanathan defended the tax hike by stating that India's rate of capital tax on long-term listed equities is low by global standards. - The Union Budget for 2024-25 also increased the short-term capital gains tax to 20% on specified financial assets. Source: Moneycontrol

India cannot achieve the status of Viksit Bharat without appropriately taxing capital gains, according to Finance Secretary TV Somanathan.
Somanathan emphasized that earners of capital gains are not poor and should be taxed at a decent rate.
The recent hike in long-term capital gains tax (LTCG) to 12.5% from 10% is part of a move to simplify and make the capital tax regime more uniform.
Somanathan defended the tax hike by stating that India's rate of capital tax on long-term listed equities is low by global standards.
The Union Budget for 2024-25 also increased the short-term capital gains tax to 20% on specified financial assets.

Source: Moneycontrol

3mo ago2K views

DangerousDisaster

Tech Mahindra3mo

Please take a look at the 80c exemption since 2014. Inflation rose by 46% in past 10 years,but 80c slab increment - 0%... Viksit Bharat at its best! New slogan of government after abki baar - Your loss is your loss, your profit is our profit!!!

growthguy

Epifi3mo

BS!

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DindinCity Mall3mo

More taxes

All the UNBOOKED Gains in your Portfolio would now attract -

25% MORE LTCG (10% to 12.50% is NOT 2.5%, but 25% more), Surcharge extra as applicable.

33.33% MORE STCG (15% to 20% is NOT 5%, but 33.33% more), Surcharge extra as applicable.

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MrRobot1992Early Stage Startup3mo

Union Budget 2024 (aka) How to screw middle class? 🤷🏻

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Increased STCG and LTCG for stock and MF investments.

They increased the standard deduction in new regime from 50k to 75k and called it as "a tax relief to middle class"

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Should the tax slabs start at 12 LPA?

Don’t you think it’s kinda not fair to tax people especially in metro cities who earn less than a lakh a month. The cost of living in these places are already so high and due to that they may not even be able to make any investments. 12 ...

Or get it on the stores.

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