Nirmala Sitharaman: The broker claimed that although he has been making investments and taking on risks, the government is essentially his “sleeping partner.”
Nirmala Sitharaman, the union finance minister, answered a query regarding taxes imposed on real estate and stock market dealers. A stockbroker questioned the minister at a function about the amount of taxes the government charges on both purchasing a home and trading stocks. The broker claimed that although he has been making investments and taking on risks, the government is essentially acting as his “sleeping partner” because it continues to profit from levies such as the Long Term Capital Gains (LTCG) Tax, Stamp duty, Securities Transaction Tax (STT), and GST.
The broker questioned the procedure because a portion of the earnings goes to the government. Broker persisted in questioning the minister on the total amount of taxes, including Stamp Duties and GST, that must be paid when purchasing a home, causing Nirmala Sitharaman and the crowd to giggle.
He questioned Nirmala Sitharaman on how the government assists those with financial hardships in purchasing a home and how a broker can operate in the face of government levies.
Nirmala Sitharaman stated, “I don’t have a response to this,” in response to the query.
A sleepy companion cannot respond while seated, she joked.
Also Read: Swati Maliwal assault case
During the event, the minister also urged the BSE to collaborate closely with the capital markets regulator Securities and Exchange Board of India (SEBI) to boost investor confidence.