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The term ‘Long-Term Capital Gains or LTCG Tax’ is sometimes seen in the news. With reference to this, consider the following statements:
1. In case of equity shares, long-term capital gains refers to the gains made on stocks held for more than 3 years.
2. Currently, there is no formal taxation system for securities transaction in India.
Which of the statements given above is/are correct?
1 only
2 only
Both 1 and 2
Neither 1 nor 2
Both the statements are incorrect.
It is the tax paid on profit generated by an asset such as real estate, shares or share-oriented products held for a particular time-frame. The definition of Long-term Capital Gains, or LTCG, is different for various products.
In case of equity shares, it refers to the gains made on stocks held for more than one year.
Tax levied on stock market trades is currently known as securities transaction tax (STT) which was introduced in 2004.
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