These leaders attributed slide in sensex and Nifty to global factors and not following the Budget announcement of 10 per cent tax on long-term capital gains accrued from equity investments
Veteran BJP leaders, who are closely associated with stock markets, on Tuesday ruled out possibility of any adverse impact of party's political prospects in the run up to the ensuing general elections after sensex has officially wiped out gain made so far in the year 2018. If note ban cannot stop BJP's victory march what else can? they asked. These leaders attributed slide in sensex and Nifty to global factors and not following the Budget announcement of 10 per cent tax on long-term capital gains accrued from equity investments.
An octogenarian BJP leader and party's former treasurer Chiman Mehta told DNA,'' The market crash will not affect BJP. The finance minister's proposal of long term capital gains tax on equity investments will help the government to mobilize about Rs 50,000 crore in due course of time. In the absence of long term capital gains tax, foreign investors have made money in the Indian stock markets. Now they will have to pay tax.'' He said the slide in shares was not just in the Indian stock markets but it was witnessed in global markets.
Mumbai BJP's Consumer Cell President Sunil Mone said the blood bath in stock markets was a organised reaction of dabbawalas. ''The government has done a right thing by taxing long term capital gains beyond Rs 1 lakh. It will help government to raise resources for poor people schemes. Organised dabbawalas are shouting too much and they should not grumble. The long term capital gains tax will not affect BJP. Instead it will give a handle to propogate that it cares for poor and is ready to tax earnings of people,'' he noted.
BJP leader and leading chartered accountant Santosh Kelkar defended the finance minister's proposal terming it courageous.
''I don't think taxing has troubled the market. Global markets have affected not Indian markets alone so it is better not to correlate decision of taxing long term capital gains ax and fall of share markets.,'' he said.
According to Kelkar, people were earning substantially from share market. The long term capital gain was introduced to boost market activity some 14 years ago. ''Now the market is matured enough. Heavy earning from shares profit was going untaxed,'' he added.
Mumbai BJP's former chairman of its Professionals Cell Bharat Udeshi said the tax on long term capital gains will be applicable from April 1. ''The government has given a cut off date of January 31, 2018 and the closing price of shares on that day will be technically purchase price,'' he explained. He added that BJP should not worry about its political prospects due to market crash.
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