Capital Gains Burden On Those Who Can Afford It, Says Revenue Secretary Sanjay Malhotra

The Budget 2024-25 has raised short-term capital gains tax to 20% from 15% and also raised long-term capital gains tax to 12.5% from 10%. The move took the capital markets by surprise with a lot of negative reaction by market experts. Business Today TV Managing Editor Siddharth Zarabi spoke to Revenue Secretary Sanjay Malhotra and Chief Economic Advisor V Anantha Nageswaran who clarified that the tax was imposed on people who could afford it. As per official figures 88% of the LTCG tax comes from tax payers with an income of more than ₹15 lakh, while 61% comes from those with income more than ₹1 crore.