More money than Rs 100 crore! Only this many people in India claim to be so wealthy

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New Delhi | Published: February 8, 2019 4:53:28 PM

This information was provided by Minister of State for Finance Pon Radhakrishnan to the Lok Sabha in a written reply Friday.

Income tax, wealth, wealthy people in india, Lok Sabha, 2019 Lok Sabha elections, Income Tax Department, economy newsThere were only 61 individuals who declared an income of more than Rs 100 crore during assessment year 2017-18, though the number has risen sharply from 38 in the previous year. (Reuters)

There were only 61 individuals who declared an income of more than Rs 100 crore during assessment year 2017-18, though the number has risen sharply from 38 in the previous year. This information was provided by Minister of State for Finance Pon Radhakrishnan to the Lok Sabha in a written reply Friday. The number of individuals disclosing a gross total income of more than Rs 100 crore in a year in his/her return of income filed with the Income Tax Department was 24 in assessment year 2014-15 and since then it has been steadily rising.

The minister also said there was no official/uniform definition of classification of a person as ‘billionaire’. Replying to another question, Minister of State for Finance Shiv Pratap Shukla said that government is taking action under Benami Properties Transactions Act, and properties valued at Rs 6,900 crore were under attachment by agencies.

“The income tax authorities till December 2018 have identified more than 2,000 benami transactions,” he added. These include, deposits in bank accounts, plots of land, flat and jewellery, he said, adding that provisional attachment of properties have been done in over 1,800 cases.

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