Revenue Dept in favor of further simplification of capital gains tax provisions, sources say

Simplification could provide ease of compliance & clean up of complex law, Revenue Dept says

  • Revenue Dept studying capital gains tax provisions for further simplification
  • Once approved, new provisions could be part of budget announcement

REVENUE DEPT’S VIEW

  • Simplification of capital gains tax possible
  • Simplification could provide ease of compliance & cleaning up of complex law
  • To remove disparity b/w fin instruments falling under similar categories

PROPOSALS UNDER CONSIDERATION

  • Have 3 broad categories of assets: equity, non-equity fin & non-fin
  • Remove rates & hldg period disparity for both short & long-term for non-eq fin assets
  • Revise indexation base of non-fin assets, revise to recent yrs from current 2001 base year
  • Sources say CNBC-TV18

Radhika Goyal is Author of Taxconcept Gurugram head office, for deeply reported tax, gst and income tax articles on issues that matter. He splits her time between New Delhi and Bengaluru, and has worked...