Two weeks ago I wrote that the question whether long-term capital gains (LTCG) from equities should be taxed needs to be based on principles of public finance well-articulated and publicly debated, not based on gut feel. I forgot to add the various other ways taxation and tax rates are set in India: Moral opinions, personal bias, or simply wrong conclusions from data. On February 1, the Union government imposed a 10 per cent tax on long-term capital gains — mainly on equity funds and share purchases made after February 1, 2018, and, to some extent, on previous purchases. As happens
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