Affidavit Of Assets And Liabilities For Non Agrarian Deponents for India

Affidavit Of Assets And Liabilities For Non Agrarian Deponents Template for India

An Affidavit of Assets and Liabilities for Non Agrarian Deponents is a legally binding sworn statement used in Indian jurisdiction that provides a comprehensive declaration of an individual's financial position. This document, executed under oath, details all assets owned and liabilities owed by the deponent, including immovable properties, movable assets, investments, bank accounts, and outstanding debts. It serves as a formal declaration often required for legal proceedings, loan applications, or regulatory compliance in India, and must be executed before authorized officials such as notaries or judicial magistrates in accordance with Indian law.

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What is a Affidavit Of Assets And Liabilities For Non Agrarian Deponents?

The Affidavit of Assets and Liabilities For Non Agrarian Deponents is a crucial legal document in the Indian legal system, primarily used when a comprehensive disclosure of an individual's financial status is required. This document becomes necessary in various situations including bankruptcy proceedings, loan applications, legal disputes, or when required by government authorities. It provides a detailed snapshot of the deponent's financial position, covering all assets (both movable and immovable) and liabilities. The non-agrarian focus makes it particularly relevant for urban professionals, business persons, and salaried individuals. The affidavit must comply with the Indian Oaths Act, 1969, and needs to be executed before appropriate authorities such as notaries or judicial magistrates. Its significance lies in its legal binding nature, with serious consequences for false declarations under Indian Penal Code.

What sections should be included in a Affidavit Of Assets And Liabilities For Non Agrarian Deponents?

1. Title and Declaration: States the nature of the document as an affidavit and includes the solemn declaration

2. Deponent Details: Personal information including name, age, occupation, and residential address of the person making the affidavit

3. Purpose Statement: Clearly states the purpose for which the affidavit is being made

4. Immovable Properties: Details of all real estate owned, including location, market value, and ownership percentage

5. Movable Properties: List of vehicles, jewelry, artwork, and other valuable movable assets

6. Bank Accounts and Investments: Details of all bank accounts, fixed deposits, mutual funds, shares, and other financial investments

7. Income Sources: Declaration of all sources of income including salary, business income, rental income, etc.

8. Liabilities and Debts: List of all outstanding loans, mortgages, credit card debts, and other financial obligations

9. Net Worth Statement: Summary calculation of total assets minus total liabilities

10. Verification Clause: Statement verifying that all information provided is true and correct to the best of knowledge

What sections are optional to include in a Affidavit Of Assets And Liabilities For Non Agrarian Deponents?

1. Foreign Assets Declaration: Required when the deponent owns assets outside India

2. Business Interests: Needed when the deponent has ownership in businesses or partnerships

3. Trust Properties: Required when the deponent is a trustee or beneficiary of any trust

4. Dependent Family Members: Include when the affidavit needs to cover assets held by dependent family members

5. Contingent Liabilities: Required when there are potential future financial obligations like guarantees or pending legal claims

6. Agricultural Income: Although primarily for non-agrarian deponents, include if there is any incidental agricultural income

What schedules should be included in a Affidavit Of Assets And Liabilities For Non Agrarian Deponents?

1. Schedule A - Real Estate Details: Detailed breakdown of each immovable property including purchase date, cost, current value, and encumbrances

2. Schedule B - Vehicle Details: Comprehensive list of vehicles with registration numbers, purchase dates, and current values

3. Schedule C - Financial Investments: Detailed list of all investments with account numbers, institutions, and current values

4. Schedule D - Jewelry and Valuables: Itemized list of jewelry, precious stones, and other valuable items with descriptions and values

5. Schedule E - Loan Details: Comprehensive list of all loans with lender details, outstanding amounts, and repayment terms

6. Schedule F - Bank Account Details: List of all bank accounts with account numbers, bank names, and current balances

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

India

Publisher

Genie AI

Document Type

Affidavit

Cost

Free to use
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