CA Umesh Sharma
Quick Summary
In this conversational explainer featuring the fictional characters Arjuna and Krishna, the dialogue breaks down the financial disclosures required from candidates contesting elections in India. Krishna explains that along with personal details, candidates must file an affidavit revealing comprehens
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FAQ :
Candidates must disclose details of immovable properties, movable assets (including cash, bank balances, investments, vehicles, and valuables), liabilities (loans from banks, institutions, or individuals), and all sources of income for themselves, their spouse, and dependents for the last three financial years.
No, the financial disclosures must cover the candidate, their spouse, and their dependents to provide a comprehensive picture to voters.
Details of land and buildings acquired by purchase, gift, or lease, including their address, type, area, date of acquisition, and value, must be disclosed.
Movable assets include cash, bank balances, investments (like shares or mutual funds), agricultural equipment, vehicles, valuables such as gold and silver, and investments in business partnerships or companies.
Income sources need to be disclosed for the last three financial years.
Voters can explore further details through the Association for Democratic Reforms (ADR).
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