Finance Secretary Hasmukh Adhia said that sell-off in equity markets is due to a weak global sentiment and not because of long-term capital gains tax announced in the budget.10 per cent tax on long term capital gains (LTCG) is a “subsidised rate” as such gains on sale of unlisted scrips and immovable property are taxed at 20 per cent said Hasmukh.“It is very unfortunate that our move came in at wrong time because of global markets also going down. There is a strong connection of all equity markets. The MSCI all country index of equity markets went down by 3.4 per cent in last week, especially on Thursday Friday, Adhia said a post-budget meet organised by industry body CII.
