Has there been reduction in LTCG tax on equities in the Budget 2022?

While there is no reduction in LTCG tax, there has been cap defined on the surcharge charged on the tax rate. Currently, in case of long term capital gains, the Budget 2022 has clarified that all surcharge would be capped at 15% of tax rate. For example, in case of LTCG on equities and equity funds, tax on LTCG is flat 10% above Rs.1 lakh per annum. Hence the total tax even including surcharge cannot exceed 11.5% in the new regime.