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FinMin receives representations to withdraw LTCG on listed securities

Press Trust of India/New Delhi 13 Mar 18 | 05:20 PM

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Finance ministry on Tuesday said it has received representations for withdrawal of the long term capital gains (LTCG) tax on listed securities proposed in the Union Budget 2018-19.

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In his Budget, Finance Minister Arun Jaitley had proposed introduction LTCG tax of 10 per cent on stock market gains exceeding Rs 1 lakh.

In a written reply to the Rajya Sabha, Minister of State for Finance Shiv Pratap Shukla said "representations" have been received requesting for withdrawal of the proposal to introduce tax on LTCG on listed securities through the Finance Bill, 2018.

ALSO READ: LTCG: Should investors re-look at their equity investing strategy in FY19?

"The decision will be reflected in the official amendment, if any, to the Finance Bill, 2018, at the time of consideration and passing by the Parliament," the minister said.

ALSO READ: Amfi data suggests LTCG tax is no hurdle for investments in mutual funds

Meanwhile, the Finance Bill 2018 could not be taken up in the Lok Sabha today as protests by opposition parties and the TDP over issues like bank scams and special status demand for Andhra Pradesh continued for the seventh day, disrupting proceedings in the House.

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