Yes, Indians were exempt from paying the long-term capital gains tax (LTCG) until Budget 2018. This is because Budget 2018-19 proposed to delete Section 10(38) of the Income-tax Act, 1961. This Section used to provide an exemption from the long-term capital gains tax which arose on the sale of shares or units of an equity-oriented mutual fund.
The Section 10(38) was introduced on the basis of the Kelkar Committee report in order to attract investment from foreign investors (FIIs) in 2004.
Yes, Indians were exempt from paying the long-term capital gains tax (LTCG) until Budget 2018. This is because Budget 2018-19 proposed to delete Section 10(38) of the Income-tax Act, 1961. This Section used to provide an exemption from the long-term capital gains tax which arose on the sale of shares or units of an equity-oriented mutual fund.
The Section 10(38) was introduced on the basis of the Kelkar Committee report in order to attract investment from foreign investors (FIIs) in 2004.