NEW DELHI: Finance minister Arun Jaitley on Sunday said it is erroneous to conclude from Prime Minister Narendra Modi ’s speech on Saturday that the government intends to impose longterm capital gains tax on securities transactions.“Those who profit from financial markets profit must make a fair contribution to nation-building through taxes,” the prime minister had said at the inauguration of the new campus of the National Institute of Securities Market in Patalganga in Raigarh district of Maharashtra.This was seen as a signal that government wants to levy long term capital gains tax. At present, no capital gains tax is levied on profit made from investment in shares if held for more than one year.In case of shares held for less than a year, a short term capital gains tax of 15% is levied. “This interpretation is absolutely erroneous; the Prime Minister has made no such statement directly or indirectly,” Jaitley said.“I was present at the function at which this speech was given and therefore, I wish to absolutely clarify that there is no occasion or opportunity for anybody to reach such a conclusion because this is not what the prime minister said nor is it the intention of government as has been reported,” the finance minister added.