"The proposed new tax regime will apply to transfer made on or after April 1, 2018. These assets must have been held for a minimum period of 12 months from the date of acquisition. "The long-term capital gains will be computed by deducting the cost of acquisition from the full value of consideration on transfer of the long-term capital asset," the FAQ said.The cost for shares acquired on or before January 31, 2018, will be the actual cost. "It has also led to significant erosion in the tax base resulting in revenue loss. "Long-term capital loss arising from a transfer made on or after April 1, 2018, will be allowed to be set-off and carried forward in accordance with existing provisions of the Act," it added.

Source: Economic Times February 05, 2018 08:37 UTC