Happy as an Indian, not as investor: Madhusudan Kela on LTCG
As for stock market, reinstating LTCG may dampen the sentiment in the short-run, but Kela favoured taxing the long-term capital gains.
Market veteran Madhusudan kela welcomed Budget 2018, saying by and large the measures taken are good. He, in fact, didn't mind levying of long-term capital gains (LTCG) tax on equities too.
"By and large the Budget has been good. Strong push to rural India will provide much-needed fillip to agriculture sector," Kela said.
As for stock market, reinstating LTCG may dampen the sentiment in the short-run, but Kela favoured taxing the long-term capital gains.
"When businesses are paying 33 per cent tax on their profits, expecting market returns to be tax-free forever is unreasonable. Personally I may not be happy, but as an Indian I welcome LTCG," Kela said.
The government today introduced long-term capital gains (LTCG) tax of 10 per cent on stock market gains exceeding Rs 1 lakh, sending the market tumbling.
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