Long-term capital gains exceeding Rs 1 lakh to be taxed at 10%: Jaitley

Mumbai, Feb 1: Finance Minister Arun Jaitley on Thursday proposed to tax long-term capital gains on equities exceeding Rs 1 lakh at 10 per cent.

However, capital gains made on shares until January 31, 2018 will be "grandfathered".

According to Jaitley, based on last fiscal's returns, the total amount of exemption under capital gains has increased to Rs 360,000 crore.

Just after the announcement the two key indices -- S&P BSE Sensex and NSE Nifty50 -- receded.

Around 12.45 p.m., the wider Nifty50 of the National Stock Exchange (NSE) fell by 59.70 points or 0.54 per cent to trade at 10,968 points.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) shed 411.99 points or 1.15 per cent to 35,553.03 points.