Union minister of road, transport and highways, Nitin Gadkari, BJP’s Lok Sabha candidate for Nagpur, has reportedly shown an income of Rs 6.4 lakh/month for 2017-18 in his election affidavit which was filed on Monday, March 25.
What was declared?
This amount is 140% more than about Rs 2.7 lakh shown in his last affidavit five years ago (in 2013-14). The major hike in his income happened in 2014-15 when his income rose to Rs 6 lakh. His income has been majorly stagnant ever since. The income by Gadkari’s wife, Kanchan, shows nearly ten times increase from Rs 4.6 lakh in 2013-14 to nearly Rs 40 lakh in 2017-18. This is for the first time that election candidates will have to show details of income declared in their I-T returns over the last five years.
His total assets, which includes inherited property worth Rs 1.96 crore, stands at Rs 6.9 crore. This amount has increased by 10% since the last affidavit and the surge can be attributed to the appreciation in market values over the last five years. While there was previously some ambiguities as to how the market value of the immovable assets will be valued, however, the EC has said that all valuations will be at the current market price.
According to The Times Of India, Gadkari’s wife’s assets have seen an appreciation of 127% from 2014 and are presently valued at Rs 7.3 crore. A comparison between the two affidavits shows a considerable drop in the value of bank deposits and investments as Gadkari’s deposits have shrunk to 57% at Rs 9 lakh. The value of investments in market instruments has declined by 78% to Rs 3.5 lakh.
Additionally, Gadkari has three criminal cases pending against him, however, no charges have been pressed against him in any of these cases. He had declared six cars in his affidavit, out of which four are in his wife’s name.
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