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Budget 2024: Sensex, Nifty fall as govt raises tax on capital gains, derivatives trading

VCCircle · 1y ago

Medial

Indian shares fell as the government proposed higher taxes on capital gains and derivatives trading in the Budget 2024 announcement. The Nifty 50 and Sensex both dropped around 1.6% following the news. The tax on equity investments held for less than a year was raised to 20%, while shares held for more than 12 months will be taxed at 12.5%. The securities transaction tax on derivatives was also increased. Market analysts were not expecting these tax hikes and anticipate short-term market impact.