<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>exh302.txt
<DESCRIPTION>EXHIBIT TO SECTION 302 OF SOA
<TEXT>

         CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND
                     SECTION 302 OF THE SARBANES-OXLEY ACT

I, Bruce N. Alpert, certify that:

1.       I have  reviewed  this report on Form N-Q of The Gabelli  Equity  Trust
         Inc.;

2.       Based  on my  knowledge,  this  report  does  not  contain  any  untrue
         statement of a material fact or omit to state a material fact necessary
         to make the statements made, in light of the circumstances  under which
         such  statements  were made, not misleading  with respect to the period
         covered by this report;

3.       Based on my knowledge,  the schedules of  investments  included in this
         report fairly present in all material  respects the  investments of the
         registrant as of the end of the fiscal  quarter for which the report is
         filed;

4.       The registrant's other certifying  officer(s) and I are responsible for
         establishing  and  maintaining  disclosure  controls and procedures (as
         defined in Rule 30a-3(c) under the Investment  Company Act of 1940) and
         internal control over financial  reporting (as defined in Rule 30a-3(d)
         under the Investment Company Act of 1940) for the registrant and have:

         (a) Designed such disclosure  controls and  procedures,  or caused such
             disclosure  controls  and  procedures  to  be  designed  under  our
             supervision,  to ensure that material  information  relating to the
             registrant,  including its consolidated subsidiaries, is made known
             to us by others  within  those  entities,  particularly  during the
             period in which this report is being prepared;

         (b) Designed such internal control over financial reporting,  or caused
             such internal control over financial reporting to be designed under
             our  supervision,  to provide  reasonable  assurance  regarding the
             reliability of financial reporting and the preparation of financial
             statements  for  external  purposes in  accordance  with  generally
             accepted accounting principles;

         (c) Evaluated the effectiveness of the registrant's disclosure controls
             and procedures and presented in this report our  conclusions  about
             the effectiveness of the disclosure controls and procedures,  as of
             a date  within 90 days  prior to the  filing  date of this  report,
             based on such evaluation; and

         (d) Disclosed  in this report any change in the  registrant's  internal
             control  over  financial   reporting   that  occurred   during  the
             registrant's   most  recent  fiscal  quarter  that  has  materially
             affected,  or  is  reasonably  likely  to  materially  affect,  the
             registrant's internal control over financial reporting; and

5.       The registrant's  other  certifying  officer(s) and I have disclosed to
         the  registrant's  auditors and the audit committee of the registrant's
         board of directors (or persons performing the equivalent functions):
<PAGE>

         (a) All significant  deficiencies and material weaknesses in the design
             or operation of internal control over financial reporting which are
             reasonably  likely to adversely affect the registrant's  ability to
             record, process, summarize, and report financial information; and

         (b) Any fraud,  whether or not material,  that  involves  management or
             other  employees  who have a significant  role in the  registrant's
             internal control over financial reporting.


Date: 11/03/06                      /s/ Bruce N. Alpert
     ---------------                -------------------
                                    Bruce N. Alpert, Principal Executive Officer
<PAGE>

         CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND
                     SECTION 302 OF THE SARBANES-OXLEY ACT

I, Agnes Mullady, certify that:

1.       I have  reviewed  this report on Form N-Q of The Gabelli  Equity  Trust
         Inc.;

2.       Based  on my  knowledge,  this  report  does  not  contain  any  untrue
         statement of a material fact or omit to state a material fact necessary
         to make the statements made, in light of the circumstances  under which
         such  statements  were made, not misleading  with respect to the period
         covered by this report;

3.       Based on my knowledge,  the schedules of  investments  included in this
         report fairly present in all material  respects the  investments of the
         registrant as of the end of the fiscal  quarter for which the report is
         filed;

4.       The registrant's other certifying  officer(s) and I are responsible for
         establishing  and  maintaining  disclosure  controls and procedures (as
         defined in Rule 30a-3(c) under the Investment  Company Act of 1940) and
         internal control over financial  reporting (as defined in Rule 30a-3(d)
         under the Investment Company Act of 1940) for the registrant and have:

         (a) Designed such disclosure  controls and  procedures,  or caused such
             disclosure  controls  and  procedures  to  be  designed  under  our
             supervision,  to ensure that material  information  relating to the
             registrant,  including its consolidated subsidiaries, is made known
             to us by others  within  those  entities,  particularly  during the
             period in which this report is being prepared;

         (b) Designed such internal control over financial reporting,  or caused
             such internal control over financial reporting to be designed under
             our  supervision,  to provide  reasonable  assurance  regarding the
             reliability of financial reporting and the preparation of financial
             statements  for  external  purposes in  accordance  with  generally
             accepted accounting principles;

         (c) Evaluated the effectiveness of the registrant's disclosure controls
             and procedures and presented in this report our  conclusions  about
             the effectiveness of the disclosure controls and procedures,  as of
             a date  within 90 days  prior to the  filing  date of this  report,
             based on such evaluation; and

         (d) Disclosed  in this report any change in the  registrant's  internal
             control  over  financial   reporting   that  occurred   during  the
             registrant's   most  recent  fiscal  quarter  that  has  materially
             affected,  or  is  reasonably  likely  to  materially  affect,  the
             registrant's internal control over financial reporting; and

5.       The registrant's  other  certifying  officer(s) and I have disclosed to
         the  registrant's  auditors and the audit committee of the registrant's
         board of directors (or persons performing the equivalent functions):
<PAGE>

         (a) All significant  deficiencies and material weaknesses in the design
             or operation of internal control over financial reporting which are
             reasonably  likely to adversely affect the registrant's  ability to
             record, process, summarize, and report financial information; and

         (b) Any fraud,  whether or not material,  that  involves  management or
             other  employees  who have a significant  role in the  registrant's
             internal control over financial reporting.


Date: 11/03/06                          /s/ Agnes Mullady
      ---------------                   -----------------
                                        Agnes Mullady,
                                        Principal Executive Officer & Treasurer

</TEXT>
</DOCUMENT>
