The document discusses capital gains tax rates for long-term and short-term debt in India. Currently, long-term capital gains tax on debt held for over 12 months is 20% with indexation or 10% without indexation, whichever is lower. Short-term capital gains tax applies to debt held 12 months or less at normal income tax rates. A proposed change would tax long-term capital gains at normal income tax rates if the debt is held for at least one financial year.