Nitin Gadkari shows Rs 6.4 lakh income, up 140% in 5 years
MUMBAI: Union minister of road, transport and highways Nitin Gadkari, who is BJP’s Lok Sabha candidate for Nagpur, has shown in his election affidavit filed on Monday an income of Rs 6.4 lakh for 2017-18.
This represents an increase of 140% from about Rs 2.7 lakh shown in his last affidavit five years ago (in 2013-14). The big jump took place in 2014-15 when his income rose to Rs 6 lakh, and it’s been largely stagnant in the years since.
Income disclosed by his wife Kanchan, however, shows a nearly ten-fold increase from Rs 4.6 lakh in 2013-14 to nearly Rs 40 lakh in 2017-18. For the first time, candidates have to disclose details of income declared in their I-T returns for the last five years.
Gadkari’s total assets (including inherited property of Rs 1.96 crore) stands at Rs 6.9 crore. This is a 10% rise from his 2014 affidavit, which could also be due to an appreciation in the market valuation of his properties in the intervening period.
There was some ambiguity in the past (at least in the minds of the candidates) on how assets were to be valued. As a result, most valued them at the purchase price of immovable properties such as land and apartment, rather than at the prevailing market value. The EC has since made it explicit that all valuations have to be at current market value.
Gadkari’s wife’s assets are now worth Rs 7.3 crore, an increase of 127% from 2014. Gadkari continues to retain his flat at Worli, the sole property declared by him. Its market value has increased by a modest 12.5% from Rs 3.78 crore in the 2014 affidavit to Rs 4.25 crore. The value of jewellery held by him has remained approximately the same at nearly Rs 22 lakh.
A comparison of the two affidavits shows a significant drop in the value of bank deposits and investments. His bank deposits shrunk 57% to Rs 9 lakh. He has opened a separate account for electoral purposes with a balance of Rs 1 lakh.
(compared to Rs 7 lakh in the earlier affidavit).
The value of his investments in market instruments has declined 78% to Rs 3.55 lakh, primarily due to sale of shares, including in the Purti group of companies. The minister continues to hold 310 shares in Purti Power and Sugar, valued at Rs 1 per share.
Gadkari retains an Ambassador car valued at Rs 10,000 and also owns a Honda worth Rs 20 lakh. He has invested Rs 14.8 lakh in business (Rs 11.86 lakh in 2014). His personal loans add up to Rs 1.57 crore (against Rs 1.3 crore in 2014), including Rs 1 crore from Housing Development and Infrastructure Limited, which has remained constant.
Key assets of Gadkari’s wife include three properties with an aggregate value of Rs 4.4 crore. Of these, one plot of agricultural land is valued at Rs 88 lakh. The holdings remain the same as in 2014, but the market value has increased.
Jewellery in her case also remains almost stagnant at around Rs 10 lakh. She has a bank balance of Rs 11 lakh, compared to Rs 1.8 lakh five years ago.
The income of the Hindu Undivided Family (HUF) in which Gadkari is a karta was Rs 8.75 lakh in 2017-18. Ancestral land held by the HUF has been valued at Rs 7.85 crore, and jewellery of Rs 21 lakh. There is also a liability of Rs 2.45 crore.
The basic salary of ministers, which is the same as MPs, doubled from April 1, 2018, to Rs 1 lakh a month. So Gadkari’s income in his I-T return for 2018-19 will show at least Rs 12 lakh.
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