Capital tax tweaked: CA explains why millionaires move out of India once they make it up.
Lalit Rathi, founder of LKR Advisors, took a potshot at the government for deciding to raise long-term and short-term capital gains taxes in the Union Budget 2024 presented by Finance Minister Nirmala Sitharaman today. In a post on X, Rathi questioned the government’s motives, asking, “Why would the government want to derail the Indian story and hinder the prosperity of capital markets?” In the Union Budget presented earlier today, FM Sitharaman announced that there will be an increase in the long-term capital gains tax from 10% to 12.5% and short-term capital gains tax from 15% to 20%. Rathi argued that these changes would slow down the growth of capital markets and expressed concern about the ripple effects of such policies. Track Budget 2024 updates real-time with BT's non-stop live streaming of India's most-important event from 8 am to 7 pm Why on earth would govt want to derail the Indian story? Why they don't want Capital markets to prosper.? I see no rea...