Karimnagar MP Vinod Kumar’s assets doubled since 2014

HUFs are created in a bid to save taxes as it divides taxable income, and also helps in building assets.
TRS leader and MP B Vinod Kumar campaigns during a morning walk in Karimnagar  on Tuesday | Express
TRS leader and MP B Vinod Kumar campaigns during a morning walk in Karimnagar on Tuesday | Express

HYDERABAD: While Karimnagar MP B Vinod Kumar doubled his assets from 2014, his affidavit revealed that the assets of his son, B Pranay, listed as a dependent, saw 513 per cent increase from 2014. The assets of his wife, B Madhavi also saw a 270 per cent increase from 2014.

While in 2014 Pranay’s asset was Rs 3.15 lakh, in 2019 it increased to Rs 19.92 lakh. The affidavit shows that Pranay has Rs 1.43 lakh in the Kukatpally branch of Axis Bank. The majority share of the value of his asset comes from the Rs 15.22 lakh investment in the form of shares in Prathima Extrusion Pvt Ltd. Other than that, there are two insurance policies in his name, one worth Rs 1 lakh and the other Rs 2.25 lakh respectively.
The MP’s younger son, who does not have a PAN card, has “taken loans” from one K Sunitha to the tune of Rs 25,000 and from one KL Rao, Rs 23,900 for purchasing equity shares, the affidavit said. The document also recorded that there has been “no taxable income” made by the Pranay in the last five years, and “hence return not filed”.

From Rs 80.45L to Rs 1.70crore

Meanwhile, the 59-year-old MP also doubled his assets in the last five years. In 2014, his total assets which included investments and property in the form of share in agricultural land and ancestral residential buildings, stood at Rs 80.45 lakh.

In 2019, it increased to a mammoth Rs 1.70 crore, his affidavit said.  It is important to note that agricultural land in Warangal and the residential building in Hanamkonda are in his Hindu Undivided Family (HUF) account. HUFs are created in a bid to save taxes as it divides taxable income, and also helps in building assets. There are no criminal cases against him.

Vinod campaigns during morning walk

MP B Vinod Kumar said that the town of Karimnagar would be developed as a junction in the national highway network in the coming days during a chat with morning walkers at the SRR Government Degree College on Tuesday. The MP also promised a ‘science centre’ for Karimnagar.

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