'Restore long-term gains tax back'

Left parties have urged the Govt to restore the long-term capital gains tax scrapped in the previous budget.

India's communist parties, which provide vital support to the ruling coalition, on Thursday urged the government to restore the long-term capital gains tax scrapped in the previous budget.

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"We have asked for restoring the long-term capital gains tax. Why should it be abolished in one sector it is discriminatory," Communist Party of India (Marxist) leader Prakash Karat told reporters after meeting Finance Minister Palaniappan Chidambaram.