Budget 2021 CXO Corner: Give Relief in Capital Gains tax, STT, says Alok Churiwala

Budget 2021 CXO Corner: What are the expectations of the Indian Stock Markets from Budget 2021 announcements? What are the expectations of stockbrokers in particular? In chat with Zee Business, Alok Churiwala, Managing Director (MD) at Churiwala Securities lists out his demands from the Finance Minister.

Churiwala said that the wish list of the stockbrokers is quite long. He said that the Government should give some relief in the capital gains tax or there should be an introduction of Section 88E in the Securities Transaction Tax (STT).

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This has been a longstanding demand of the brokers and has been there for several years. This has not been fulfilled and on the contrary, the capital gains tax was introduced and later the rates were increased, the MD said. 

All these things hurt the markets, he further said.

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#BudgetWishlist : शेयर ब्रोकर्स को कैपिटल गेन्स या STT में राहत की जरूरत: अलोक चुरीवाला, MD, चुरीवाला सिक्योरिटीज #BudgetOnZee @FinMinIndia @nsitharamanoffc @nsitharaman @Anurag_Office @PMOIndia @alokgbc pic.twitter.com/IMxttqx3Lw

— Zee Business (@ZeeBusiness) January 27, 2021

 He said that the expectations from the Budget 2021 are very high as the Finance Minister Nirmala Sitharaman had earlier said that this year’s budget will be unprecedented, something not seen in 100 years. 

It will be seen what demands of the brokers are met in the budget, he said adding that he had doubts if they will be met. 

He said that the Coronavirus pandemic has been a major setback and all the government spending during this period may have to be compensated in the form of higher taxes. He said that there could be a Covid cess. 

He said though the expectations were high, he was cautious about it too.