Don't tax gifts to wives, daughters-in-law: Maneka Gandhi
New Delhi, July 10 : Minister for Women and Child Development Maneka Gandhi has urged Finance Minister Piyush Goyal to make amendments to the Income Tax Act so that gifts to wives or daughters-in-law are not taxed.
"As a society, the onus of ensuring economic empowerment of our women lies on each of us. Following several requests from women, especially wives and daughters-in-law, I have urged the Finance Minister to examine and suitably amend Section 64 of the Income Tax Act," she tweeted.
The Section 64 deals with clubbing of incomes and provides that if a husband gifts an asset to his wife and the asset results in some income to the wife, the income will be added to the taxable income of the husband.
"The provision was originally formulated in 1960s under the assumption that wives and daughters-in-law would normally not have any independent taxable income," the Union Minister tweeted late on Monday.
However, Gandhi said the act was having an adverse effect as women at present were becoming financially more independent.
"Today with women leaving an indelible mark in every field, the Act seems to have an adverse effect.
"It has come to fore through several requests that husbands and fathers-in-law are apprehensive to transfer assets to women in their families because they fear that income accruing from the asset will ultimately become a burden on them," she added.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Vijayanagara: One dead, 12 injured as trucks hits their vehicle from behind on NH 50
Vijayanagara: One man was killed and 12 others were injured after a truck hit vehicle they were traveling in on the National Highway 50 stretch on the outskirts of Koodligi in the district.
The accident victim, Madhu (27), is learned to have been an employee of Reliance Digital from Andhra Pradesh.
The vehicle was reportedly traveling from Bengaluru to Koodligi and the passengers are learned to have been seriously injured following the collision with the truck, which was found to have a Maharashtra registration.
Koodligi Deputy Superintendent of Police (DySP) Mallesh Dodmani and Circle Inspector Prahlad Channagiri arrived at the accident spot on being informed of the accident.
The police officers and locals rescued the injured passengers and got them shifted to the Koodligi Government Hospital. Some of the passengers were reportedly taken to the Ballari Trauma Care Centre for further treatment.
A case has been registered at the Koodligi Police Station and the officers are investigating the incident.
