Long-term capital gains exceeding Rs 1 lakh to be taxed at 10%: Jaitley

Mumbai Feb 1 (IANS) Finance Minister Arun Jaitley on Thursday proposed to tax long-term capital gains on equities exceeding Rs 1 lakh at 10 per cent.

However capital gains made on shares until January 31 2018 will be "grandfathered".

According to Jaitley based on last fiscal s returns the total amount of exemption under capital gains has increased to Rs 360 000 crore.

Just after the announcement the two key indices -- S&P BSE Sensex and NSE Nifty50 -- receded.

Around 12.45 p.m. the wider Nifty50 of the National Stock Exchange (NSE) fell by 59.70 points or 0.54 per cent to trade at 10 968 points.

Similarly the barometer 30-scrip Sensitive Index (Sensex) shed 411.99 points or 1.15 per cent to 35 553.03 points.

--IANS
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