LTCG tax unpopular but beneficial: FM Jaitley

Defending the proposed imposition of 10% Long-term Capital Gain (LTCG) tax on equities, Union Finance Minister Arun Jaitley on Thursday said although the tax is unpopular, it is beneficial for the economy. Speaking during a discussion in the Lok Sabha, he said the tax aimed to correct the current inconsistent distribution of incentives which benefited rich entities and individuals more.