Finance Minister Arun Jaitley Clarifies On Capital Gains Tax After PM Modi's Speech

New Delhi: Finance Minister Arun Jaitley on Sunday clarified that there is no intention of the government to impose tax on long-term capital gains from share transactions.Javfor

Referring to the speech by Prime Minister Narendra Modi in Mumbai the previous day, the finance minister said the interpretation being given to the speech was not correct.

"The speech has been misinterpreted in some sections of the media which have started speculating that this is an indirect reference to the fact that there could be long-term capital gains (tax) on securities transactions," Mr Jaitley said.

"Now, this interpretation is absolutely erroneous, the Prime Minister has made no such statement directly or indirectly," he added.

Asking the regulators and taxmen to think about the contribution of market participants to the government, PM Modi had on Saturday said, "The low contribution of taxes may be due to the structure of our tax laws. Low or zero tax rate is given to certain types of financial income."
Jav CARIBEANCOM

Securities transaction tax features among the various levies in the financial markets, and currently, long-term capital gains on stock market profits are tax-free. This means that if a stock traded on an exchange is held for more than a year, gains from it are exempt from capital gains tax.

The PM's remarks assume much significance ahead of the Budget to be presented in the first week of February, analysts said.

"Those who profit from the financial markets must make a fair contribution to nation-building through taxes. For various reasons, the contribution of tax from those who make money on the markets has been low," PM Modi had said without mentioning about any particular tax.

"...therefore I wish to absolutely clarify that there is no occasion or opportunity for anybody to reach such a conclusion because this is not what the Prime Minister said, nor is the intention of the government as has been reported," Mr Jaitley added.jav 2017

Salman Khan's Fans Troll Twinkle Khanna For Taking A Dig At The Actor

Actor-turned author Twinkle Khanna courted trouble after she took a dig at actor Salman Khan in her latest column for a leading daily. Twinkle, author of Mrs FunnyBones and The Legend of Lakshmi Prasad,Heyzo

 wrote a piece for Times of India in which she listed "10 wackiest classifieds you missed this year." Among them was one matrimonial ad in which she (without naming directly) poked fun at Salman Khan's much discussed bachelorhood hinting at two of Salman's big legal troubles - The Blackbuck Case and 2002 Hit-And-Run Case. For contact address Twinkle made up (a rather funny) e-mail id derived from two of Salman's blockbusters - Sultan, which released this year and 2015's Bajrangi Bhaijaan. Twinkle, 42 and Salman, soon to be 51, have co-starred in 1998 film Jab Pyaar Kisise Hota Hai.

Salman Khan's fans were not impressed and trolled Twinkle mercilessly. Here are some of the 'politest' comments on Twinkle's piece:jav68

Retweets

Twinkle Khanna debuted in Bollywood in 1995 film Barsaat and quit six years later after 2001 film Love Ke Liye Kuch Bhi Karega. Twinkle is still in touch with Bollywood and has co-produced her husband's films like Thank You, Patiala House, Khiladi 786 and Holiday: A Soldier Is Never Off Duty. Twinkle will produce director R Balki's next film under her new banner Mrs Funnybones Movies.

Her first book Mrs FunnyBones, a compilation of her articles released in 2015. The book made her the highest selling female author of 2015. She released her next book The Legend of Lakshmi Prasad, a collection of short stories in 2016.Jav HD