'My Only Income Is My Minister's Salary', says Rajeev Chandrasekhar, Whose Taxable Income Was Rs680 in FY21-22
Moneylife Digital Team 08 April 2024
Union minister of state for electronics and information technology and Bharatiya Janata Party (BJP)'s Thiruvananthapuram Lok Sabha seat candidate Rajeev Chandrasekhar is mired in controversy over the Rs680 taxable income for the financial year (FY)21-22 shown in his election affidavit. After the United Democratic Front (UDF) made allegations, the Left Democratic Front (LDF) also petitioned the Election Commission of India (ECI), alleging Mr Chandrasekhar misrepresented information about his income and assets in the poll affidavit. 
According to a report from The Hindu Business Line, in his affidavit submitted on 4 April 2024, Mr Chandrasekhar has declared his taxable income for FY21-22 as a mere Rs680. "This is when he is said to have had an income of Rs5.59 lakh in FY22-23 and Rs17.5 lakh in FY19-20. It was Rs10.83 crore in FY18-19."
In response to our query, Mr Chandrashekar told us in a message, "My only income is my minister's salary". Asked about whether ministers are not allowed to own shares, he says, 'You can have shares, but shares are not same as income unless you sell it' (quote edited to expand shortened words). 
When asked about income from interest on investments, deposits, bonds or returns from mutual funds, dividends and rentals, his short answer was, "no".
The response is interesting because Mr Chandrashekar was one of the wealthiest industrialists in the country.
The LDF has accused Mr Chandrasekhar of withholding details of his major holding company, Jupiter Capital, while only declaring the subsidiary companies. This, the Front claims, is an attempt "to hide the complex web of companies used to hide his true assets," says a report from The Hindu.
Insisting that he has served a public life devoid of blemish for 18 years, Mr Chandrasekhar told media persons that he has been submitting disclosures in the Rajya Sabha during the period. "All my disclosures are compliant with the law," he maintained. 
In his affidavit submitted to the ECI, Mr Chandrasekhar had shown Rs52,000 in cash and movable assets worth Rs9.26 crore. He also has Rs10.38 crore in bank deposits, negative assets of Rs45.7 crore in bonds, Rs2,500 in the National Savings Certificate (NSC), Rs41.2 crore in personal loans, a scooter valued at Rs10,000, jewellery worth Rs 3.35 lakh, and other assets worth Rs5 lakh. He declared assets worth Rs12.47 crore owned by his wife, Anju Chandrasekhar.
According to a report from Live Mint, in his 2024 affidavit, Mr Chandrasekhar has declared a taxable income of Rs680 for FY21-22, the post-COVID-19 year. His wife Anju's taxable income in the same fiscal year was Rs18.7 lakh. 
"(Mr) Chandrasekhar's taxable income has sharply declined from Rs10.83 crore in FY18-19 to nearly Rs5.59 lakh in FY22-23, according to his affidavit," the report says.  
Kerala goes to the polls on 26 April 2024 to elect 20 members to the Lok Sabha.
1 month ago
Electoral Bonds: Prashant Bhushan Calls for Independent Probe by Supreme Court-monitored SIT
Moneylife Digital Team 12 April 2024
To address what is allegedly the biggest scam or corruption case in India, senior counsel Prashant Bhushan has called for a detailed probe by a special investigation team (SIT) monitored by the Supreme Court (SC) into the electoral...
SC Grants Bail to Prof Shoma Sen in Bhima Koregaon Case
Moneylife Digital Team 05 April 2024
The Supreme Court on Friday granted bail to Dalit and women's rights activist professor Shoma Sen, in connection with the Bhima Koregaon case. 
A bench of justice Aniruddha Bose and justice Augustine George Masih passed the order...
Bombay HC Raps Maharashtra Govt, BMC, Glider Buildcon, Stays Demolition of Mafatlal Industries' Spindle Unit at Byculla
Moneylife Digital Team 03 April 2024
Coming down heavily on the Maharashtra government, BrihanMumbai Municipal Corporation (BMC) and Glider Buildcon Realtors Pvt Ltd for putting profit over the livelihood of erstwhile mill workers, the Bombay High Court (HC) quashed as...
“Your Apology Is a Mere Lip Service”, SC Raps Patanjali, Acharya Balkrishna and Baba Ramdev
Moneylife Digital Team 02 April 2024
Coming down heavily on Patanjali Ayurved Ltd, its managing director (MD) Acharya Balkrishna and founder Baba Ramdev, the Supreme Court termed their apology as a 'mere lip service'. The apex court also says Patanjali prima facie has...
Free Helpline
Legal Credit