Income Tax Clarifies that No proposal before Govt Regarding Capital Gains Tax

The Income Tax Department of India stated that there is currently no proposal before the government regarding the capital gains tax. “It is clarified that there is no such proposal before the Government on capital gains tax,” Income Tax Department said via a tweet. This clarification was issued after several sources told Bloomberg earlier in the day that India is considering an overhaul of its direct tax laws in order to simplify a complex set of regulations and enable Prime Minister Narendra Modi to address income inequality if he wins election next year. A Bloomberg report cited people with knowledge of the matter.

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