Revenue Department in favor of further simplifying capital gains tax provisions

According to sources the Revenue Department is in favor of further simplifying capital gains tax provisions:

• Revenue Department is studying capital gains tax provisions for further simplification
• Once approved, new provisions could be part of the budget announcement

Revenue Dept’s View:

• Simplification of capital gains tax possible
• Simplification could provide ease of compliance & cleaning up of complex law
• To remove disparity b/w fin instruments falling under similar categories

Proposals under Consideration:

• Have 3 broad categories of assets: equity, non-equity fin & non-fin
• Remove rates & hldg period disparity for both short & long-term for non-eq fin assets
• Revise indexation base of non-fin assets, revise to recent yrs from current 2001 base year

Source from - https://twitter.com/CNBCTV18Live/status/1595339972592238593?t=bjQ8v7XxpOz4_cZR4n1lKw&s=19