Union Budget 2024 announced the rise in taxes by the central government on stock market profit and investors are now finding a way to save themselves from paying these taxes on capital gains. Here we will discuss how to avoid taxes on capital gains and the legal way to save the taxes on capital gains. Let’s explore everything below regarding this viral and hilarious advice from netizens.
In the Union Budget 2024, Nirmala Sitharaman announced major changes under the new tax regime. As per this new tax regime 2024, the government has increased the Securities Transaction Tax (STT) rate on equity and index trades. However, market experts expected the removal of some taxes that the government is taking from the Indian stock market investors.
Now, Investors who trade in the Indian Stock Market have to pay 12.50% Long-Term Capital Gain (LTCG) which was 10% till now. Along with it, Short-Term Capital Gain has surged to 20% which was 15% till now before the Union Budget 2024. After these hikes in the LTCG and STCG, investors are unhappy with the finance minister.
There are several humorous posts went viral on social media where some users shared their thoughts on rising capital gains taxes.
“One way to avoid income tax is to not earn,” replied one user while another posted, “Riyal ID se aao Nimmi Thai (Ms Nirmala, please post with your read ID).”
“There is another way, NEVER SELL,” posted one user while another suggested, “Just bomb the tax department.”
“Chilla Chilla ke bata de sabko (Don’t expose the plan to everyone out there),” posted one user.
This was not stopped here but the Aam Aadmi Party Rajya Sabha MP Raghav Chadha said on these hikes in the Budget 2024.
“In the last 10 years, the government has sucked the blood of the common people of the country by imposing taxes. And, what does the government give us in return…? That is why today I have no hesitation in saying that we in India today pay taxes like England to get services like Somalia,” Chadha said.
However, there is no way to avoid these taxes right now. What do you think about these hikes in the capital gains, let us know in the comment.