Possibility Of Change In Capital Gains Tax Structure
Possibility of change in capital gains tax structure, indicated by Revenue Secretary.
Revenue Secretary Tarun Bajaj has said that there is a need to change the structure of capital gains tax as the capital gains tax structure at present is complex.
He said that we need to work on it and the next time we get a chance to change it, we can consider it.
During an interaction with industry body CII, Bajaj said that the capital gains tax rate as of now and its duration are both complicated.
Real estate has a period of 24 months for capital gains, 12 months for shares, and 36 months for debt. We need to work on this.
Possibility of change: Bajaj said that the department has done a comparative study of the rates prevailing in other countries regarding the structure of capital gains tax.
He also asked the industrial organization to study the capital gains tax so that it can be known what is the structure of capital gains tax in developed countries and developing countries.
He said the sale of real estate belonging to the industry should also be brought under the purview of capital gains tax.
Bajaj said that in the budget presented for the upcoming financial year 2022-23 if one lakh crore rupees were not allocated to the states for capital expenditure.
Then the fiscal deficit would have been up to six percent of GDP in the coming financial year.
In the budget, the fiscal deficit has been estimated at 6.4 percent in the coming financial year. He said that in this year’s budget, the government laid emphasis on development and going a step ahead.
There was a huge increase in the capital expenditure of the Center and the states were also given money to spend. Rs 7.5 lakh crore has been allocated for capital expenditure in the budget.
Gold Price On 9 Feb: New rates of gold, silver have come, know what is cheap, what is expensive.
On Wednesday, gold became expensive, while the price of silver also increased. Gold prices rose by Rs 247 to Rs 48,403 per 10 grams in the local market amid a rise in gold prices in the international markets.
In the previous trade, gold had closed at Rs 48,156 per 10 grams. Silver also rose by Rs 825 to Rs 62,417 per kg from Rs 61,592 per kg in the previous trade.
In the international market, gold was trading higher at $ 1,827 an ounce and silver was flat at $ 23.17 an ounce.
