Finance Minister Arun Jaitley left investors dejected with his tax proposals, explains Rakesh Bhargava
The Finance Minister presented his last full Union Budget for the fiscal year 2018-19 on February 1. As general elections will be held next year in 2019, the Union Budget to be presented in the month of February 2019 shall be an interim Budget and the full Budget for the year 2019 shall be presented by the newly elected government.
All investors were eagerly expecting big announcements in this budget. However, finance minister Arun Jaitley has disappointed both retail and institutional investors. The biggest jolt given by the Budget is the withdrawal of exemption for long-term capital gains from listed equity shares under Section 10(38) and introduction of tax on such gains at a flat rate of 10 per cent without giving the benefit of indexation. In capital gains, three provisions are worth talking about. Two of them are not in investors’ favour and one provides mild relief to owners of immovable properties.
No more exemption for capital gains
Currently, long-term capital gains arising from transfer of listed equity shares, units of equity-oriented mutual funds or units of business trusts are exempt from tax under Section 10(38) of the Income Tax Act. In order to minimise the economic disruptions and curb erosion of tax base, the finance minister proposes to withdraw this exemption and introduce a new Section 112A in the Act.
Bu hikaye Outlook Money dergisinin February 2018 sayısından alınmıştır.
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Bu hikaye Outlook Money dergisinin February 2018 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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