How to avoid capital gains tax? Netizen shares hilarious advice, ‘Not many know this’
In Budget 2024, Finance Minister Nirmala Sitharaman increased the Long-Term Capital Gain (LTCG) Tax from 10% to 12.50% and raised the Short-Term Capital Gain (STCG) Tax from 15% to 20%.
In Budget 2024, Finance Minister Nirmala Sitharaman's announcement of tax proposals led to significant selling in the Indian stock market. The finance minister hiked the Securities Transaction Tax (STT) rate on equity and index trades.
She increased the Long-Term Capital Gain (LTCG) Tax from 10% to 12.50% and raised the Short-Term Capital Gain (STCG) Tax from 15% to 20%. It is considered one of the top blows for Dalal Street.
There have been discussions about the tax changes and jokes on social media about them. Now, one post on Reddit gives advice on how to avoid capital gains taxes.
The post humorously suggests avoiding capital gains taxes by buying stock at a higher price and selling it at a lower price, which results in a loss rather than a gain. While this avoids taxes, it also means losing money, making it ironic financial advice.
“Not many know this,” adds the “financial adviser”. Take a look at the Reddit post here:
“One way to avoid income tax is to not earn,” replied one user while another posted, “Riyal ID se aao Nimmi Thai (Ms Nirmala, please post with your read ID).”
“There is another way, NEVER SELL,” posted one user while another suggested, “Just bomb the tax department.”
“Chilla Chilla ke bata de sabko (Don’t expose the plan to everyone out there),” posted one user.
Raghav Chadha on taxes
Aam Aadmi Party (AAP) Rajya Sabha MP Raghav Chadha earlier Budget 2024 proposals on tax hikes.
Also Read | Budget 2024: Hike in capital gains taxes not material, believes Emkay; here are its top picks
“In the last 10 years, the government has sucked the blood of the common people of the country by imposing taxes. And, what does the government give us in return...? That is why today I have no hesitation in saying that we in India today pay taxes like England to get services like Somalia,” Chadha said.
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First Published:27 Jul 2024, 03:40 PM IST
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