Poor rich politicians - AP CM pays Rs. 12, 491 as Income Tax
The former IAS officer Jaya Prakash Narayan's Lok Satta reported that the AP Chief Minister Dr. YS Rajasekhara Reddy declared his wealth in his affidavit before returning officer during elections to the Assembly as Rs. 3,36,61,943 which included 45 acres of agricultural land and 6.65 acres of non-agricultural land, two buildings at Hyderabad and Pulivendula. His shares in companies are to a value of Rs. 42 lakhs. He paid Rs 12,491 only as income tax for the assessment year 2004-05.
The former CM and Leader of the Opposition N. Chandra Babu Naidu is a bit richer. He declared his wealth in his affidavit before the returning officer during 2004 elections as Rs. 20,92,29,305 which included Rs. 16,69,63,220 worth of shares and three buildings at Hyderabad. Subsequently he submitted his financial statement to the Speaker revealing that he purchased 2,01,020 shares in Heritage Foods from the market, which are valued at around Rs. 3 crores. The total value of his shareholding in the company, at the current market rates, now stands at Rs. 55 crores.