India says no plan to increase capital gains tax for rich

A report said an increase in the tax was at the heart of the rework that was aimed at helping reduce widening income inequality

By Reuters

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File photo

Published: Tue 18 Apr 2023, 9:03 PM

India's income tax department on Tuesday denied that there was a proposal to increase capital gains tax for top earners after Bloomberg News reported the country was reworking its direct tax laws.

The report said an increase in capital gains tax was at the heart of the rework that was aimed at helping reduce widening income inequality.


The income tax department later tweeted that there was "no such proposal before the government on capital gains tax."

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