Finance Ministry considering suggestion to exclude income from minor asset transfer

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New Delhi | Published: August 2, 2018 5:29:49 PM

The Women and Child Development Ministry has urged the Finance Ministry to amend the Income Tax Act to exclude from tax ambit the income arising from the assets transferred for an inadequate consideration by an individual to his wife or son's wife.

Finance Ministry, Income Tax Act, D Kupendra Reddy, Minister of State for Women and Child Development, Forest Rights ActThe minister replied in affirmative and said the matter was being considered by the Finance Ministry.

The Women and Child Development Ministry has urged the Finance Ministry to amend the Income Tax Act to exclude from tax ambit the income arising from the assets transferred for an inadequate consideration by an individual to his wife or son’s wife. Minister of State for Women and Child Development Virendra Kumar said the request to carry out amendment in the Income Tax Act was under the consideration of the Finance Ministry, as he shared the details in the Rajya Sabha during the Question Hour today.

Earlier JD(S) member D Kupendra Reddy had sought to know whether the government had recieved requests from women for exempting them from taxes on gifts from their near and close relatives. The minister replied in affirmative and said the matter was being considered by the Finance Ministry.

A request has been sent and often such decisions are taken around the budget time, Kumar said. During the Question Hour, members also sought to know the number of people who have been given titles under the Forest Rights Act, 2006 in Gujarat.

Tribal Affairs Minister Jual Oram said according to the information from the Gujarat government, as of June 30 this year, out of the 1,82,869 individual claims recieved, the number of approved claims for which sanction orders have been issued was 84,402 and number of titles issued was 83,754. The number of people, who are eligible and have not been given titles was 648, he said in his reply.

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