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Tamil Nadu
“Re-introduce capital gains tax on equities”
Special Correspondent
COIMBATORE: Communist Party of India (Marxist) general secretary Prakash Karat has called upon the Central Government to re-introduce the long-term capital gains tax on equities.
Talking to presspersons here on Wednesday, he said the re-introduction of the tax was important in view of the volatility of the stock market. At the same time, the Government could also earn revenue.
“A lot of profit is made through speculation. A lot of people are making a lot of money. They must be taxed as any others,” he said. This tax had been levied earlier, but was abolished in 2004. At present, there was tax only on profits made through sale of shares within one year of purchase. The CPI (M) and Left parties were now making a demand that the Government re-introduce the tax, in view of the Union Budget to be presented next month.
Third alternative
On whether the third alternative proposed by the CPI (M) in its draft political resolution could be formed before the next Lok Sabha elections, Mr. Karat said that his party did not link it to elections alone. The third alternative should be based on a long-term programme.
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