<h1>New Long-Term Capital Gains Tax: 10% on Gains Over Rs. 1 Lakh, Removes Section 10(38) Exemption, Effective April 2019.</h1> The new tax regime for long-term capital gains on equity shares and related assets removes the existing tax exemption under section 10(38) and introduces a 10% tax on gains exceeding one lakh rupees. This applies to equity shares, equity-oriented funds, and business trust units, provided securities transaction tax (STT) is paid on acquisition and transfer. The regime aims to reduce economic distortions and prevent tax base erosion. It excludes inflation indexation and foreign currency computation benefits for non-residents. These changes are effective from April 1, 2019, impacting the assessment year 2019-20 onward.