Abolish capital gains tax, defer GAAR by 3 yrs: Panel

Investors can cheer. In a bold move, a government tax panel has recommended abolition of capital gains tax on sale of listed securities by both resident and non-resident investors. The Parthasarathi Shome panel on General Anti-Avoidance Rules (GAAR) also proposed deferment of these controversial rules to 2016-17 (assessment year 2017-18), besides a substantial dilution in the rules.

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