𝗕𝘂𝗱𝗴𝗲𝘁 𝟮𝟬𝟮𝟲 𝗦𝗵𝗼𝗰𝗸: 𝗦𝗮𝗺𝗲 𝗦𝗚𝗕, 𝗩𝗲𝗿𝘆 𝗗𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝘁 𝗧𝗮𝘅 𝗢𝘂𝘁𝗰𝗼𝗺𝗲𝘀 ⚖️💰

𝗕𝘂𝗱𝗴𝗲𝘁 𝟮𝟬𝟮𝟲 𝗦𝗵𝗼𝗰𝗸: 𝗦𝗮𝗺𝗲 𝗦𝗚𝗕, 𝗩𝗲𝗿𝘆 𝗗𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝘁 𝗧𝗮𝘅 𝗢𝘂𝘁𝗰𝗼𝗺𝗲𝘀 ⚖️💰


₹12 lakh SGB profit.

Person A pays ₹𝟬 𝘁𝗮𝘅.

Person B pays ₹𝟭.𝟱 𝗹𝗮𝗸𝗵.

Yes. Same bond. Same gain. Different tax fate.


𝗪𝗵𝗮𝘁 𝗖𝗵𝗮𝗻𝗴𝗲𝗱? 🔍

Budget 2026 quietly drew a hard line.

Originally subscribed SGBs remain 𝘁𝗮𝘅-𝗳𝗿𝗲𝗲 ✅

Secondary market SGBs are now 𝗳𝘂𝗹𝗹𝘆 𝘁𝗮𝘅𝗮𝗯𝗹𝗲 ❌


𝗥𝗲𝗮𝗹 𝗘𝘅𝗮𝗺𝗽𝗹𝗲 👇

𝘗𝘦𝘳𝘴𝘰𝘯 𝘈

Bought SGB worth ₹6 lakh directly from RBI in 2018

Sold in 2026 for ₹18 lakh

Profit ₹12 lakh

Tax payable ₹0


𝘗𝘦𝘳𝘴𝘰𝘯 𝘉

Bought the same SGB from NSE in 2020

Sold in 2026 for ₹18 lakh

Profit ₹12 lakh

Tax payable ₹1,50,000 at 12.5 percent LTCG


Difference ₹1.5 lakh.

Asset identical. Outcome not.


𝗪𝗵𝘆 𝗧𝗵𝗶𝘀 𝗛𝘂𝗿𝘁𝘀 𝗜𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝘀 🚨

• Many assumed all SGBs were tax-free

• Secondary market was faster and easier

• Rule change was unexpected

• Tax planning just broke for many portfolios


𝗛𝗼𝘄 𝘁𝗼 𝗞𝗻𝗼𝘄 𝗪𝗵𝗲𝗿𝗲 𝗬𝗼𝘂 𝗦𝘁𝗮𝗻𝗱 ✅

Subscribed via RBI or bank during issue. Safe.

Bought via Demat on NSE or BSE. Now taxable.


𝗦𝘁𝗶𝗹𝗹 𝗪𝗼𝗿𝘁𝗵 𝗛𝗼𝗹𝗱𝗶𝗻𝗴 𝗦𝗚𝗕𝘀? 🤔

Yes, for gold exposure.

No, if you expected universal tax-free maturity.


The convenience of the secondary market just became expensive.

This kind of retrospective change damages investor confidence.


𝗬𝗼𝘂𝗿 𝘁𝘂𝗿𝗻:

What’s your view on this change?

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