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Government rejects the possibility of abolishing LTCG tax, Minister of State for Finance said that it is not being considered

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Long Term Capital Gain Tax Update: There is no plan of the central government to abolish the long-term capital gains tax on investments in equity shares and mutual funds. Minister of State for Finance Pankaj Chaudhary has given this information in reply to a written question in Parliament on Tuesday. The government told Parliament that it also does not intend to increase the LTCG tax period from one year to two years for mutual funds and equities.

No plan to increase LTCG period to two years

Rajya Sabha MP Neeraj Shekhar had asked the government in Parliament whether it would increase the LTCG period on mutual funds and equities from one year to two years and abolish LTCG tax to boost the economy and speed up the pace of recovery after Corona. Thinking about doing it? To this, the government said, “No such proposal is being discussed.

Let us inform you that long-term capital gains on sale of listed equity shares were brought under tax in April 2018. If an investor has held the shares of a company for one year or more, then it will be considered as long-term. Long-term capital gains are the profits earned from selling the shares of listed companies. Short-term capital gains tax is also levied on investments in equities. It is levied at the rate of 15% on shares sold in less than 12 months. Before April 2018, long-term capital gains from investments in shares were not taxed.

The government has given information about the revenue received from LTCG tax from 2018-19 to 2020-21. The government said that in the assessment year 2018-19, it had earned Rs 1,222 crore in LTCG tax. Similarly, in the assessment year 2019-20 and 2020-21, Rs 3,460 crore and Rs 5,311 crore have been earned.

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