Assets gifted to women should not be taxed

The Women and Child Development Minister Maneka Gandhi has made a representation to the Finance Minister Piyush Goyal regarding amendment to the Income Tax Act so that assets gifted to wives and daughters- in – law were not taxed.

Due to the current provision, men are reluctant to transfer assets to the women in their families as they feared that the income generated from the asset will ultimately be taxed.Maneka Gandhi has requested that section 64 of the Income Tax Act be suitably amended as according to the act, 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. The income accruing from the gifted asset should be taxed at the hands of the wives or daughters – in – law she said.