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.
New govt in Maharashtra to be formed on Dec 5, Fadnavis frontrunner for CM post: BJP leader
Mumbai (PTI): Mahayuti alliance's new government in Maharashtra will be formed on December 5 with Devendra Fadnavis emerging as the frontrunner to become the next chief minister again, a senior BJP leader said on Saturday.
In the November 20 Maharashtra assembly polls, the Mahayuti alliance of the Bharatiya Janata Party (BJP), Eknath Shinde-led Shiv Sena and Ajit Pawar's Nationalist Congress Party (NCP) retained power, pocketing a whopping 230 of the 288 assembly seats. The BJP emerged as the single largest party, winning 132 seats, followed by Shiv Sena with 57 and NCP with 41 seats.
However, even after the announcement of poll results a week ago (on November 23), the formation of the government has been delayed as the tripartite alliance is yet to decide on who will be the next chief minister. Shinde, Fadnavis and Pawar met BJP president J P Nadda and Union minister Amit Shah late Thursday to discuss a power-sharing pact for the next government.
A key Mahayuti meeting scheduled on Friday was put off and likely to take place on Sunday now as caretaker Chief Minister Eknath Shinde headed to his native village in Satara district, delaying government formation further.
The BJP leader, who did not wish to be quoted, said the swearing-in of the new government will take place on December 5.
Senior BJP leader Devendra Fadnavis, who was the chief minister twice and deputy chief minister in the last government, is the frontrunner for the top post, the leader said.
Another senior BJP leader said the chief minister's swearing-in ceremony will take place at Azad Maidan in south Mumbai.
But before that, a meeting will be held on December 2 to pick the BJP legislature party leader, he said.
Caretaker CM Shinde has made it clear that he will fully support BJP leadership's decision to name the next CM, and that he won't be a hurdle in the process, while Ajit Pawar-led NCP has backed Fadnavis for the chief minister's post.
In the assembly elections, Congress-led Maha Vikas Aghadi (MVA) suffered a setback. The grand old party registered one of its worst performances in the state assembly polls after it won only 16 seats. Sharad Pawar's NCP (SP) could bag only 10 seats, whereas Uddhav Thackeray's (UBT) won 20.
