Vinita Krishnan

Last year, the tax exemption on long-term capital gains (LTG), which was earlier available on market sale of listed equity shares, was withdrawn and respite was given for investments made prior to January 31, 2018, by allowing taxpayers to substitute the fair market value of such shares on January 31, 2018 as cost base subject to conditions.

It is only rational for the government not to put the cart before the horse and look at the bigger picture whilst developing tax policy for companies under the IBC regime.

Last year, the tax exemption on long-term capital gains (LTG), which was earlier available on market sale of listed equity shares, was withdrawn and respite was given for investments made prior to January 31, 2018, by allowing taxpayers to substitute the fair market value of such shares on January 31, 2018 as cost base subject to conditions.

It is only rational for the government not to put the cart before the horse and look at the bigger picture whilst developing tax policy for companies under the IBC regime.