Budget 2024: Zerodha's Nithin Kamath wants govt to add additional exemption in capital gains tax
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Zerodha co-founder and chief Nithin Kamath on Friday pitched for adding an additional tax exemption on capital gains under Section 54F in the upcoming Budget. Section 54F of the Income Tax Act provides for an exemption on long-term capital gains, arising from the transfer of any capital asset other than a residential house. This exemption is available if the net proceeds from the transfer is invested in purchasing or constructing a residential house. Kamath said, including tax exemption for investments in startups under this section along with investments in residential property can make startup investing mainstream. "One of the biggest challenges the Indian economy faces is structural unemployment among youth. Growth will always be uneven unless this improves. Part of the solution is to do everything to encourage entrepreneurs, even in small towns and villages in India. VCs will never go to these areas. Which means other wealthy peo...