Ancestral Property

B. Madhuranthakan (Querist) 24 August 2010 This query is : Resolved
I am a Central Government employee. We (my mom, brother and sister) own an Ancestral Property. Is it necessary for me to disclose this property in the IMMOVABLE PROPERTY STATEMENT. This statement is to be submitted during the month of January every year.

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B. Madhuranthakan (Querist) 24 August 2010
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s.subramanian (Expert) 24 August 2010
Yes. Certainly. The undivided share in this ancestral property belonging to you has to be disclosed. Otherwise it will result to concealment and non-disclosure of assets.

B. Madhuranthakan (Querist) 24 August 2010
Thank You Sir.

B. Madhuranthakan (Querist) 02 May 2011
I failed to disclose the ancestral property and recently i received a circular stating that "hereafter there will be no post facto approvals". Please guide me

R.Ramachandran (Expert) 02 May 2011
No approval from Government is required. The Circular will affect only those cases where the asset was self-acquired by the Employee and was not disclosed. For ancestral properties, if you had not disclosed earlier, now declare it. Say you have interest in the 'ancestral property ..... at ....'. That is all. Nothing will happen.
If the Department says something, then bring the matter before the LCI. We will definitely help you. There is nothing to be afraid of.

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