Hyderabad: He could possibly be the crorepati with the lowest taxable income. T. Veerender, the son of former minister T. Devender Goud, has declared assets of more than Rs 58 crore and taxable income of Rs 720. This income was interest paid by banks on his savings, and apparently his only taxable income.
Mr Veerender is contesting on a TD ticket from the Chevella Lok Sabha constituency. Mr Veerender, 31, an MBA from Babson College in Boston, Massachusetts, USA, stated in his affidavit that his annual income was Rs 720 while that of his wife T. Divya Shree was Rs 610. His Congress rival, P. Karthik Reddy, son of former minister Sabita Indra Reddy, has declared taxable income of Rs 3.24 lakh for 2013-14. He has listed his profession as “politics” in his affidavit. He has movable assets worth about Rs 76.13 lakh and immovable property worth Rs 2.55 crore.
Mr Veerender has had runins with the income-tax department which have resulted in attachment, according to his accounts managers. His total worth is about Rs 58.27 crore, including investments in companies worth Rs 27.49 crore and Rs 29.60 crore given as loans to others. That apart, he has agricultural land in Shamshabad and Maheshwaram worth about Rs 1.9 crore and Rs 1.59 crore respectively. He has loans of about Rs 13.25 crore.
He explained, “There was an issue about capital gains on agricultural land and the authorities were asking us to pay tax. But that was illogical. So we went to the tribunal and won the case.”
About his income, he said, “Even my manager told me it’s a little unbelievable. But I have to be honest. We live in a joint family and I have been in politics for quite some years now but I don’t have a source of income. I don’t even have a car on my name.”
