Mumbai Broker Says He Pays Too Many Taxes, Nirmala’s ‘Sleeping Partner’ Response

Union Finance Minister Nirmala Sitharaman faced significant online backlash due to her cryptic response regarding the high taxes imposed on stock market brokers and real estate transactions.

At an event held at the Bombay Stock Exchange (BSE), a stockbroker confronted the minister about the government’s heavy taxation on stock market activities and real estate purchases.

The broker highlighted that while they take financial risks by investing money, the government acts as a “sleeping partner,” reaping substantial tax revenues through GST, IGST, Stamp Duty, Securities Transaction Tax (STT), and Long Term Capital Gains (LTCG) Tax.

Describing the government as a passive partner who takes a significant portion of profits, the broker also raised concerns about the high taxes on purchasing property, including Stamp Duties and GST.

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The broker’s question focused on how the government plans to support individuals with limited resources in purchasing homes and how brokers can sustain operations under heavy taxation, given the government’s role as a non-contributing partner.

Sitharaman, smiling, responded, “A sleeping partner cannot answer sitting here,” a remark that drew sharp criticism on social media platforms like Reddit, where users voiced their disappointment with the minister’s seemingly dismissive comment.

Critics had hoped for a more substantial response from Sitharaman, considering the high taxes on stock market transactions and real estate have significant implications for investors and homebuyers.

Additionally, during the event, Sitharaman urged the BSE to collaborate closely with the Securities & Exchange Board of India (SEBI) to bolster investor confidence through stringent compliance and robust regulatory standards.

Following this, Kashmir Files Director, Vivek Agnihotri shared the video and lauded the man questioning such an important topic. He said, “What a well-articulated question by a common Indian…..”