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Finance Secretary Hasmukh Adhia’s remarks on investing in equity markets hasn’t gone down well with fund managers and value investors. In a post-Budget interview, Adhia had said capital gains don’t accrue from any effort. The statement irked several fund managers and stock market investors who were already spooked by the introduction of a long-term capital gains tax in the Budget. “On this logic, salary should not be taxed at all,” a fund manager said.