Indian market recovers after a sharp fall on Thursday following LTCG tax announcement in Union Budget
New Delhi/Mumbai, Feb 1 (IBNS): The Indian market has managed to recover from a sharp fall on Thursday, according to afternoon market reports.
As of one-thirty pm, the BSE Sensex was up nearly 100 points and the NSE Nifty was above 11K, reports said.
The market took a plunge after Union Finance Minister announced about long term capital gains tax (LTCG) on equity investments during his Budget 2018 presentations.
According to media reports, Jaitley said that a LTCG tax of 10 percent has been levied over investments of Rs 1 lakh.
But short term capital gains tax continues to be at 15 percent.
“With reforms and incentives, market has become buoyant. Total amount of exempted is around 3.67 lakh crore. Return on investment in equity is already attractive. There is a strong case to get it into the tax net. I propose modest change. To tax such long term capital gain exceeding Rs 1 lakh at 10 percent,” said Jaitley in the Parliament.
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