Hyderabad, April 15: Y.S. Jaganmohan Reddy will become the country’s richest MP by a mile if he wins Kadapa in the May 8 by-election.

The son of late chief minister Y.S. Rajasekhar Reddy today declared assets worth Rs 365.68 crore in his election affidavit, setting a record. The figure is nearly five times the Rs 77.43 crore he had declared in the 2009 elections, when his father was alive.

The YSR Congress candidate had already sprung a surprise in October 2010 — a month before he quit the Congress — by paying an advance tax of Rs 84 crore for the 2010-11 financial year. This was several times higher than the advance tax paid by film stars Shah Rukh Khan and Rajnikanth.

Jagan had paid only Rs 2.92 lakh as income tax for the financial year 2008-09, and Rs 6.72 crore for 2009-10.

The richest MP now — on the basis of asset declarations during polls — is also from Andhra Pradesh. Khammam MP Nama Nageswar Rao, a Telugu Desam Party member and chief of the Madhucon group of builders, had declared property worth Rs 170 crore before the 2009 elections.

Jagan today also declared his wife Bharati’s net worth: Rs 41.44 crore.

Jagan is trying to win back the Kadapa seat that he had resigned while quitting the Congress, frustrated at the party’s refusal to make him chief minister. Fighting his first election in 2009, he had won Kadapa by a margin of 175,751 votes.

“People are astonished to see his disclosure. One does not have to show any reasons for such wealth creation. We know that the people of Kadapa are intelligent enough to understand the ways of Jagan,” said Congress spokesperson Tulasi Reddy.

Andhra has been home to many of the country’s richest MPs. L. Rajagopal, the Congress MP of Vijayawada and head of the Lanco group of companies, had declared Rs 122 crore in 2009. His party colleague G. Vinod, now Peddapalli MP, had declared Rs 72 crore. Vinod is an industrialist and the son of former Congress Working Committee member G. Venkatswamy.