Piyush Goyal concludes visit to Saudi Arabia
During the visit, Goyal participated in the Plenary Session of the 8th Edition of Future Investment Initiative (FII), with representatives from global governments and the industry.
Women and Child Development Minister Maneka Gandhi has asked Finance Minister Piyush Goyal to suitably amend the Income-tax Act so that assets gifted to wives and daughters-in-law were not taxed.
She has asked for the amendment of Section 64 of the legislation, according to which if a man 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 man.
Gandhi said that due to the provision, 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.
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The provision to tax the gifted assets was originally formulated in the 1960s under the assumption that wives and daughters-in-law would normally not have any independent taxable income.
“However, today with women leaving an indelible mark in every field, the Act seems to have an adverse effect,” she added.
“I have urged @PiyushGoyal ji to consider amending the #IncomeTax Act so that the income accruing from the gifted asset gets taxed at the hands of wives/daughters-in law (sic),” Gandhi tweeted.
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