New Delhi, Jan 16 (SocialNews.XYZ) The government may look at rationalising long term capital gains (LTCG) tax structure in the forthcoming Union Budget for 2023-24.
As of now, shares held for more than one year attract a 10 per cent LTCG tax.
This tax was discontinued in 2005, but was reintroduced in 2018 in the Union Budget for that fiscal.
The Finance Ministry is learnt to be looking at ensuring parity between similar asset classes by rationalising the LTCG tax structure and even revising the base year for computing inflation adjusted capital gains, sources aware of developments said.
Gains from sale of immovable property and unlisted shares which have been held for more than two years, attract 20 per cent LTCG.
Government may look at rationalising tax rates and also the holding period for calculating LTCG in the forthcoming budget, sources added.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz