Yechury asks for reinstatement of long-term capital gains tax
New Delhi: CPI (M) politburo member and Rajya Sabha MP, Sitaram Yechury, has asked for the reintroduction of long-term capital gains tax on investment in stocks, as well as a review of the double taxation avoidance agreement (DTAA) with Mauritius.

The politburo member also advised against going ahead with capital account convertibility arguing that the asset price boom taking place in the country for the last two years had revealed the volatile nature of the stock market.

The DTAA agreement with Mauritius is the preferred route for FII investments in the country.

Yechury's comments have come in the backdrop of a fall of 1,300 points in the Sensex in the last two trading sessions.
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