Local stock funds received Rs 1.64 trillion of net inflows in the first 11 months of the year that began April 1
However, it will have an impact on tier II accounts, also known as non-pension account, he said
The grandfathering clause will not be applicable even if a listed company merges with an unlisted one
The rollout timing could also not have been worse as global markets have tumbled amid worries of higher inflation
Adhia said the decline in the key stock indices is primarily due to global market meltdown over last few days and not due to the imposition of LTCG
The Union Budget 2018 proposes to levy a 10% LTCG tax on gains above Rs 100,000 from selling securities
But ongoing correction could play spoilsport
The Finance Bill, 2018, has proposed to provide for a new long-term capital gains tax regime for equity shares, unit of an equity-oriented fund, and unit of a business trust
Group companies, excluding Tata Sons, hold nearly Rs 214.6 billion worth of shares in other listed firms
In the Union Budget 2018-19, Finance Minister Arun Jaitley has imposed a 10 per cent tax on LTCG made in the share market to curb tax evasion
Most foreign funds are peeved over the reintroduction of the tax without the abolition of the securities transactional tax
Exempting long-term capital gains (LTCG) on equity investments is one such measure, and a good one, writes the author
Long-term capital gains tax benefits for equities should go
Govt's move to impose 10% LTCG tax on entities which purchased shares in unlisted companies