How do Finance Minister P Chidambaram's Budget 2008-09 proposals impact the common man, industry, tock market, middle class, farmer, housewife, financial sector, poor?
Nimesh Kampani, chairman of JM Financial [Get Quote], answered to many such readers' queries during a Budget special chat on rediff.com on February 29. Here is the transcript:
Nimesh Kampani says, Good evening. I am here to answer your questions
vijay asked, every one was expecting that FM will take extra measure to built stock market confidence .By raising capital gain tax FM has push stock market in bearsih mode
Nimesh Kampani answers, at 2008-02-29 16:08:44I think FM has taken step mto take care of volatility by making sure that the traders or short term investors to disinsent to sell the stock in the market which would help supply side management or else you pay higher tax. In my view he has left the market untouched otherwise so it should work on its own merit based on corporate performance.
MaheshLN asked, Hi There,What will be the Impact of IT,Housing Consumers,Builders,Manufacturing Sectors?
Nimesh Kampani answers, There is a substantial reduction inj excise duty in manufacturing sector that wil boost consumption which means greater demand, production that will create greater income either saving or consumption. We call that virtiual cycle of consumption led growth.
rickey asked, what are all the industry benifited in this budget
Nimesh Kampani answers, Automobile, pharma, 2 wheelers, smal cars, etc.
sainibr asked, i am salaried person i know about the medical exps up to 15000/-pyear of parents so please advise me can employer give me this exemption in my tax ,how can i claim this benefit thanks sainibr
Nimesh Kampani answers, This will happen from next financial year.
Anuradha asked, Do you think with the way your company, Kotak, Pantaloon [Get Quote], Reliance [Get Quote], Aditya Birla and others are planning to expand in wealth management and with SEBI's policies about entry loads in mutual funds, small time mutual fund brokers will become irrelevant very soon, say in about a year or two?
Nimesh Kampani answers, Answer is very simple - the investors coming directly though MF has to go through a broker. No body can ignore brokers because it is not possible for MF to contact every individual investor.
chandalia asked, Hey,what is your piece of advice to the young breed of people dealing in stocks
Nimesh Kampani answers, be a long term investor, invest in a well managed company with long term growth perspective.
lodha asked, Is there any chance of Short Term Capital Gain Tax rolled over
Nimesh Kampani answers, does not look like.
Manoj asked, Sir, Can all Buy / Sell within one year treated as short term gains or as notmal business income
Nimesh Kampani answers, within a year is short term capital gain
Prannoy asked, Sir according to your estimates do you think after the government sheding a massive chunk of money for farmers relief, would solve the problems faced by banks?
Nimesh Kampani answers, FM already announced 60000 cr. Rs will be given to banks over a period of 3 years to strengthen their capital base so in fact he has played a master stroke of taking a political mileage by writing off loans on farmers and money to be utilised to clean up the balance sheet of banks and provide them the liquidity of 60000 crores by improving the capital base.
hitesh asked, how will the budget impact on stock market
Nimesh Kampani answers, short term - selling pressure as everyuone would like to book profits and pay tax @ 10%. After March it will be 15%.
lodha asked, Impact of Service Tax on Investment made in Mutual Fund
Nimesh Kampani answers, ULIP, which are Insurance Schemens , there will be service tax for them
Vatsal asked, Hi sir, first of congratulations for the successful year for the AMC. In case investor sells all his shares before a day of completing one year would he be chanrged short term tax and is the short term tax calculated with financial year or from the day invested
Nimesh Kampani answers, Yes
suren asked, How the increase in Short Term Capital Gain tax to 15 % affects the stock market ?? Can you plz be bit more elaborate ?? Is it a positive or negative move ?? Also what are the other factors that will affect the market resulting from this budget ??
Nimesh Kampani answers, If you make a profit, you have to pay the tax. In stead of paying 10%, you will now pay 15%. From market point of view its a negative move.
Seenim asked, Do you think market will reach the earlier heghts within this yearend
Nimesh Kampani answers, Hopefully yes.
Sankesh asked, As there are no efforts done to reform economy, also there is a downfall in the global economy. Do you think growth rate above 8% is possible?
Nimesh Kampani answers, The FM has said that growth will be 8.8% so I have no reason to disbelieve him
Nimesh Kampani says, As I have to join an important meeting, thank you and good bye
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