The government has no plan, as of now, to revamp the capital gains tax structure as reported in a section of media, Finance Ministry sources said on Tuesday.
In fact, it is quite premature to talk about the next budget when the current year's finance bill is still under discussion and yet to be passed, sources toldrubbishing the media report that claimed that the government may revamp the capital gains tax structure in the next budget.
Finance Ministry sources said that as of now there is no such proposal and the media report is in the realm of speculation.
In India, long-term capital gains on listed equities held for more than a year is taxed at 10 per cent on the portion of such gain above a threshold of Rs 1 lakh. This provision was introduced with effect from 1 April 2019.
The capital gains tax regime prescribes the holding period for determining whether the gain made when selling the asset is short-term or long-term.
The short-term capital gain on listed equities held for less than a year is taxed at 15 per cent in the case of listed shares and the applicable tax slab if it is unlisted.
( With inputs from ANI )
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