Budget 2018: LTCG - Long Term Capital Gains Tax @ 10%

6pack

6pack

ex-Mod
https://economictimes.indiatimes.co...aked-market-sell-off/articleshow/62750836.cms

https://economictimes.indiatimes.co...-what-should-they-do/articleshow/62754410.cms

Dumb ass Jaitley has gone and done it.
Guy is dumber than Mr Bean. Even looks like him a lot.

The Sensex plunged 839.91 points, or 2.34 per cent, to settle at 35,066.75. The Nifty declined 256.30 points, or 2.33 per cent, to 10,760.60. Midcap and smallcap indices fell over 4 per cent. Fear gauge India VIX spiked.
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Need to sell of all my MF's. companies are asking for aadhaar now. damn this govt. I hope i can get out of this country. had enough.
 
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Party Monger said:
Plx ignore this & continue to vote for mudizi, this is all jetli's plan to sabotage mudizi. And dont get fooled by liberal media, this budget is blessed by shree ram. Jai shree ram. BMKJ
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Is he going to be the next PM?

Btw, most of the budget announcements stays in paper only.
 
btw, wanted to ask this. All this lakhs of crores of allocations in the budget, does the govt actually give out so much money or is it just for show talk? Like lying to people? In reality I don't think they can give out more than they earn. 30% of their earnings go to salaries which keeps increasing exponentially every year. the rest 70% couldn't make up for the gap. its like earning 10L per year and saying youv'e kept 1 cr for for doing all sorts of things around your house. 3 lac would go in food and other expenses and the remaining would be handed out if the person felt like it.
 
Its obviously show for the most part and a means to collect more taxes.

For example, the health care bill is an obvious trap. 40% of the budget for that has to come from state govt. Unlike earlier, GST replaced a lot of state taxes and center has more control over the money flow for the states. They will claim credit for creating such a scheme (which is nothing new) and where ever BJP is not in power, they will blame the state govt is not implementing the scheme and claim that they will implement it if they come into power locally.[DOUBLEPOST=1517646814][/DOUBLEPOST]
Gearbox said:
Btw, most of the budget announcements stays in paper only.
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That's only the bits where govt need to spend money. The bits related to getting more taxes will obviously be enforced.


BTW, its also laughable how Jaitley claims that he has been reducing tax burden on the tax payers in reference to the standard deduction. He conveniently ignores that it just replaced transport allowance and medical reimbursement, and even more importantly, people missed the increase in education cess by 1% which actually increased the overall taxes for a lot of people.
 
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*armed robber ambushes Jaitely*

Robber: "Quick! Gimme all your money."

Jaitely: "You know who i am? I'm Arun Jaitely."

Robber: "Ok then. Gimme all MY money."

~ WhatsApp #BudgetJokes
 
The rest of it will probably be like this:

Jaitely: "Ok! But first pay 18% service tax, 15% short term capital gains tax, professional tax, bla bla bla bla....

Robber runs away quietly when he see opportunity.
 
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Based on my understanding, this is how it goes,
  • Total investment 10 Lakhs in stocks/mutual fund 2 years back.
  • Assuming that the portfolio value as on 31st Jan 2018 is Rs. 14 Lakhs.
  • The gains of Rs.4 Lakhs remains tax exempt.
  • Let's assume that this Rs. 14 Lakhs becomes Rs. 17 Lakhs in a year and you liquidate your entire portfolio.
  • Long term capital gains in the above example is Rs. 3 Lakhs (17 minus 14)
  • Up to Rs. 1 Lakh, long term gains are tax free.
  • So net long term taxable income is Rs. (3 - 1) = Rs. 2 Lakhs
  • LTCG is 10%
  • So, you pay a tax of Rs. 20,000.
 
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