Hazel Blears Blears had been claiming MPs' second home expenses relating to the flat. She had made a £45,000 profit on its sale without paying capital gains tax. On 12 May she volunteered to pay the £13,332 capital gains tax she had avoided on the sale of her second home. It was subsequently claimed that Gordon Brown had ordered her to repay the sum. In Salford she was met by a number of angry protesters and stayed in a local hotel rather than at home. Following an investigation by Sir Thomas Legg, Blears was told to repay £225 in expenses in relation
Capital gains tax capital investments like Jewellery etc.are considered long term if the holding period is 3 or more years and are taxed @ 20% u/s 112. In equity mutual funds or stocks which is held more than 12 months are considered a long-term capital asset and the profit arises on a sale of these assets are called as long-term capital gain. Govt. introduced in BUDGET 2018 LTCG TAX of 10% if the gain exceeds Rs 100,000 without allowing the benefit of indexation. However, all gains until 31 January 2018 will be grandfathered and short-term capital gains remain unchanged at 15 percent. For