Union Budget 2024: Glad that FM read Congress manifesto after election results, says Chidambaram

Congress leader P Chidambaram on Tuesday took a swipe at the government over the Union Budget 2024 saying he is glad that Finance Minister Nirmala Sitharaman has read the Congress 2024 manifesto after the Lok Sabha poll resultsSitharaman presented the Union Budget 2024 her 7th straight presentation surpassing the record of former prime minister Morarji Desai This was the first Budget during Prime Minister Narendra Modiled governments third term in officeIn a post on X Chidambaram said I am glad to know that the Honble FM has read the Congress Manifesto LS 2024 after the election results I am happy she has virtually adopted the Employmentlinked incentive ELI outlined on page 30 of the Congress ManifestoI am glad to know that the Honble FM has read the Congress Manifesto LS 2024 after the election resultsI am happy she has virtually adopted the Employmentlinked incentive ELI outlined on page 30 of the Congress ManifestoI am also happy that she has introduced thehellipmdash P Chidambaram PChidambaram_IN July 23 2024I am also happy that she has introduced the Apprenticeship scheme along with an allowance to every apprentice spelt out on page 11 of the Congress Manifesto I wish the FM had copied some other ideas in the Congress Manifesto I shall shortly list the missed opportunities the former finance minister saidChidambaram said he was also pleased to hear that the Finance Minister will abolish the Angel TaxThe Congress has pleaded for its abolition for many years and most recently in the Congress manifesto on page 31 he saidMeanwhile in what may come as somewhat of a dampener for stock market investors Finance Minister Nirmala Sitharaman as part of her Union Budget 2024 speech on Tuesday announced an increase in both longterm and shortterm capital gains tax reported ANIAs per definition any profit or gain that arises from the sale of a capital asset is a capital gainSitharaman announced that shortterm capital gains on specified financial assets will henceforth attract a tax rate of 20 per cent instead of 15 per cent While all other financial assets and nonfinancial assets shall continue to attract the applicable tax rate reported ANILongterm gains on all financial and nonfinancial assets will attract a tax rate of 125 per cent instead of 100 per centOn the positive side for the benefit of the lower and middleincome classes it was proposed to increase the limit of exemption of capital gains on certain listed financial assets from Rs 1 lakh to Rs 125 lakh per yearListed financial assets held for more than a year is classified as longterm while unlisted financial assets and all nonfinancial assets will have to be held for at least two years to be classified as longtermUnlisted bonds and debentures debt mutual funds and marketlinked debentures irrespective of the holding period however will attract tax on capital gains at applicable rates Sitharaman said in her Union Budget 2024 speech reported ANIAll these proposals will come into force immediatelyFurther to bolster the Indian startup ecosystem boost the entrepreneurial spirit and support innovation Finance Minister Nirmala Sitharaman proposed to abolish the socalled angel tax for all classes of investorsWith inputs from Agencies