It’s very (very) unlikely that the government will withdraw the LTCG tax in the future. In the union budget, the decision to roll back the exemptions on long-term capital gains for the investors was taken for a reason. One of the many reasons was that high net worth individuals, at the time of paying tax, put their money in the financial market.
And they do this every year and after a period, the rewards they start receiving from their earlier investments get exempted from the tax structure. To put a hold on this practice, the Modi government decided to reintroduce the LTCG tax.
Indeed the move can bring back a lot more complexities in the market with big tax already being levied on the short-term capital gain. The long-term investors, as well as foreign investors, will be affected the most by this move. For the short-term players, things would remain the same.
As of right now, there are no signs that the government will withdraw LTCG tax. But after 2019 general election, if Congress comes to the power, given the fact that they have been vigorously opposing this tax on long-term gains, they can do something to withdraw it. Until then, you have to take its brunt.
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