Rajya Sabha pick K Suresh Reddy, wife own assets worth Rs 138 Cr

By Coreena Suares  Published on  28 April 2020 9:38 AM GMT
Rajya Sabha pick K Suresh Reddy, wife own assets worth Rs 138 Cr

Hyderabad: TRS supremo and Telangana Chief Minister K. Chandrasekhar Rao picked former Speaker of the Legislative Assembly in undivided AP K.R. Suresh Reddy, for the Rajya Sabha seat.

He was chosen over many big guns, including KCR’s daughter former MP K. Kavitha, who lost Nizamabad’s parliament elections.

According to the affidavit, submitted by Mr Suresh Reddy, the man is worth around Rs 14.92 crores however his spouse K.R Padmaja Reddy is valued approximately Rs 81.28 crore. While their share of assets under Hindu undivided family is around Rs 14.1 crore.

The Reddy couple together own movable assets worth Rs 15.9 crore. This includes gold, diamonds, silver and other precious ornaments of 570 and 3,200 grams, respectively. Besides his, the couple has a share of Rs 3.53 crore under the Hindu undivided family (HUF) assets. (One can save taxes by creating a family unit and pooling in assets to form a HUF. It has its own PAN card and files tax returns separately).

While the wife of Mr Suresh Reddy, who mentioned her profession as a business women and agriculturalist, seems to be richer taking in account the immovable properties. According to the affidavit, Ms Padmaja Reddy owns agricultural lands, residential and commercial buildings worth Rs 68.14 crore while the former speaker owns land worth Rs 10.25 crore . Again under the HUF, the couple has a share of Rs 10.57 crore worth immovable properties.

Aged about 61 years, the TRS’s Rajya Sabha pick is a native of Choutpally of Nizamabad district. A student of Osmania University, Mr Suresh Reddy hold a bachelor degree in arts. He was the Speaker of the AP Legislative Assembly between 2004 and 2009 when late Y.S Rajasekhar Reddy was the Chief Minister of AP.

However, KCR picking Mr Suresh Reddy for the second Rajya Sabha seat has come as a big surprise because he joined the TRS just before the May 2019 Lok Sabha polls. KCR had invited him to join the TRS to help his daughter K. Kavitha win the Nizamabad seat. However, Ms Kavitha lost to the BJP. Despite this, KCR nominated him for the Rajya Sabha seat amid stiff competition.

He stands parallel to his Rajya Sabha colleague K. Keshava Rao, popularly known as KK. Telangana will not have to hold the elections for the Rajya Sabha seats because the TRS enjoys a majority in the Legislative Assembly and the party winning both the seats is a foregone conclusion.

Movable properties:

  1. K. R. Suresh Reddy – Rs 4.42 crores
  2. K. R. Padmaja Reddy – 11.41 Crore
  3. Hindu family undivided – Rs 3. 53 crore

Immovable properties:

  1. 1. . R. Suresh Reddy – Rs 10.25 crores
  2. K. R. Padmaja Reddy – 68.14 Crore
  3. Hindu family undivided – Rs 10. 57 crore

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