Prime Minister Narendra Modi hints at higher taxes on income from stock market

Prime Minister Narendra Modi strongly hinted on Saturday at the prospect of higher taxes on income from stock markets saying people making profits from the markets must contribute to nation-building through taxes.

At present, gains from the stock market enjoy easier taxes compared to incomes from many other sources, including bonds and fixed deposits.

Coming from the PM a little over a month before the Budget, financial sector players feel tax on long-term capital gains may be imposed.

The remark assumes added significance since finance minister Arun Jaitley and his deputy, Arjun Meghwal, were present at the opening of a new campus of the National Institute of Securities Market.