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The Income Tax Department clarified on Wednesday that the government has no intention to levy high taxes on the rich and the affluent to mitigate the problem of income inequality in India.

It was reported in media that government was mulling levy of high capital gains tax on the rich citizens of the country. But the IT department has said in a tweet “It is clarified that there is no such proposal before the Government on capital gains tax”.

According to experts, hike in capital gains tax would not have been a good news for the stock market. Following media reports, the equity market benchmark Sensex had nosedived 331 points during the intra-day trade on Tuesday. IT Department’s clarification soothed bearish fears in the market.