Cong asks govt to allow indexation benefits for savings in stocks, FDs

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Cong asks govt to allow indexation benefits for savings in stocks, FDs - Business Standard

Quick Summary:

The Congress on Wednesday said the government's proposal of giving individuals the option to choose between two tax rates for long-term capital gains (LTCG) tax on properties is not enough and it should also allow indexation benefits for other forms of savings such as stocks and fixed deposits.

Professionals' Congress Chairman Praveen Chakravarty accused the government of "betraying" the middle and salaried class in the Union Budget through the removal of indexation and higher taxes on their savings and investment gains.

We welcomed the fact that the FM took some ideas from the Congress party's manifesto such as the employment linked incentive (ELI) scheme, the Apprenticeship Act and removing Angel tax," Chakravarty said at a press conference at the AICC headquarters here.