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India has not removed long-term capital-gains (LTCG) tax on equities. A report published on October 13, 2026 says Finance Minister Nirmala Sitharaman indicated that removing the tax could be discussed in Budget consultations, alongside securities transaction tax (STT) and more uniform treatment of different asset classes. No draft measure, cabinet decision, bill or effective date was announced.
What the October 13 report actually says
The Tribune’s account of remarks attributed to Sitharaman at the Bloomberg New Economy Forum in New Delhi describes an interest in discussing removal of equity LTCG during the Budget consultation process. It also mentions STT and the possibility of a more uniform tax approach across asset classes.
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That is a policy discussion, not a policy change. The report does not disclose a government-approved proposal, draft legislation, revised rate, replacement tax, revenue estimate or implementation timetable. The wording therefore should not be read as confirmation that the government has decided to scrap LTCG tax.
Is LTCG tax on equity being removed in India?
Not on the evidence currently available. The October report signals that removal may be considered during consultations, but qualifying equity gains remain subject to the existing law unless Parliament changes it and the change takes effect under the enacted rules.
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The timing matters because a Ministry of Finance answer in the Rajya Sabha on July 21, 2026 said: “At present, there is no such proposal under consideration.” That answer predates the October remarks. It remains an official statement for that date, while the later report may indicate that the subject has since entered a broader Budget conversation. It should not be treated as the government’s final position after October 13.
What is the current LTCG tax on listed shares?
For transfers made on or after July 23, 2024, the Income Tax Department’s guidance under section 112A sets a 12.5% LTCG rate for qualifying gains from listed equity shares, units of equity-oriented mutual funds and units of business trusts. The rate applies to aggregate qualifying gains above an annual ₹1.25 lakh threshold.
| Current section 112A element | Rule in the Income Tax Department guidance |
|---|---|
| Applicable transfer date | On or after July 23, 2024 |
| Rate | 12.5% |
| Annual aggregate threshold | ₹1.25 lakh of qualifying long-term gains |
| Assets covered | Listed equity shares, units of equity-oriented funds and units of business trusts |
| Key eligibility condition | Section 112A and its Securities Transaction Tax requirements must be satisfied |
For listed equity shares, the department says STT should also have been paid on acquisition, subject to specified exceptions. Investors must therefore check both the asset and transaction conditions rather than apply the 12.5% figure to every investment profit described as “long term.”
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What changed in 2024?
The Finance (No. 2) Act, 2024 introduced a uniform 12.5% rate for long-term gains on capital assets transferred on or after July 23, 2024 and removed indexation for those assets. The Income Tax Department summarizes the change as follows: “The Finance (No. 2) Act, 2024, has provided a uniform tax rate of 12.5% for long-term capital gains on all capital assets and has removed the indexation benefit.”
That general description does not eliminate section 112A’s specific ₹1.25 lakh threshold or its STT and other eligibility conditions for listed-equity gains. Tax calculations also depend on the transaction date, asset category and the rules applicable to the relevant return.
How the policy timeline fits together
| Date | Development | What it establishes |
|---|---|---|
| July 21, 2026 | Ministry of Finance reply to Rajya Sabha Unstarred Question 252 | The ministry said, “At present, there is no such proposal under consideration,” while noting that tax policy is reviewed through the annual Budget process and legislative revisions. |
| October 13, 2026 | Report on Sitharaman’s Budget-consultation remarks | Removal of equity LTCG, STT and more uniform treatment across asset classes were reported as subjects for discussion; no settled proposal was published. |
| April 1, 2026 | Separate exemption for specified income of foreign portfolio investors in government securities | A government-securities measure for specified FPI income, not a change to domestic investors’ listed-equity LTCG rules. |
What a possible review could involve
Because no draft has been released, there are no government options or competing proposals to compare. Any eventual Budget measure would need to specify at least:
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- which taxpayers, securities and holding periods are covered;
- whether the 12.5% rate and ₹1.25 lakh threshold change;
- how STT interacts with eligibility and whether STT itself is altered;
- whether indexation remains unavailable;
- the effective date and treatment of transactions spanning the change; and
- the expected effect on revenue, investment behavior and different asset classes.
No quantified estimate of revenue or market impact from a possible review was provided in the reported material. It would be speculative to assign one before the government publishes details.
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Until a law or formally applicable notification changes the rules, taxpayers should use the provisions in force for the relevant transfer. The October report does not authorize a different rate or create a deduction. Keep contract notes, acquisition records, sale dates and STT information, and verify the current Income Tax Department guidance when preparing a return.
The foreign-portfolio-investor exemption announced for specified income from government securities on or after April 1, 2026 is separate. It does not exempt domestic retail investors’ listed-equity gains and should not be used to calculate section 112A income.
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What to watch in the Budget process
The next meaningful evidence would be an official Budget document, Finance Bill, notification or parliamentary statement that defines the proposed treatment. Readers should look for the covered assets, threshold, STT rules, commencement date and any transitional provision. A consultation remark alone cannot answer those questions.
This is policy reporting rather than individualized tax advice. Investors with a transaction-specific filing issue should rely on the current statutory guidance or consult a qualified tax professional.
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What is the current LTCG tax on listed shares in India?
For qualifying section 112A transfers on or after July 23, 2024, the Income Tax Department’s guidance states a 12.5% rate on aggregate long-term gains above ₹1.25 lakh a year, subject to the section’s STT and other conditions.
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Did the government introduce a bill to abolish equity LTCG tax?
No bill or enacted amendment was identified in the October 13 report. It describes removal as a subject for Budget consultations, not as an approved legislative proposal.
Does the 2026 FPI exemption cover ordinary equity investors?
No. The exemption concerns specified income of foreign portfolio investors from government securities arising on or after April 1, 2026. It is separate from section 112A taxation of listed-equity gains.
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