1. The agricultural landed property on your name was bought by you while you were an Indian citizen hence you can retain the same even if you have obtained a citizenship of a foreign country. Your children would be entitled to inheritance rights of the property.
2. Under Indian law, Persons of Indian Origin (PIOs), who have acquired foreign citizenship are required to surrender their Indian passports to the nearest Indian Mission/Post immediately after acquisition of foreign citizenship.
Indian citizens must apply for renunciation of Indian citizenship and surrender their Indian passport within 90 days of foreign country naturalization. Cancelled Indian passports must indicate “Cancelled due to acquiring foreign nationality” to qualify as valid proof of renunciation.
Once you acquire foreign citizenship you have to surrender your last held Indian passport to Indian Consulate for cancellation
Passport not surrendered up to three years and not used for travel after obtaining foreign passport. :: No penalty
Passport not surrendered up to three years and travelled once after obtaining foreign passport.:: No penalty for retention of passport but penalty of Rs. 10,000/- for travel on Indian passport.
Passport not surrendered up to three years and travelled more than once after obtaining foreign passport. :: No penalty for retention of passport but penalty of Rs. 10,000/- for each travel on Indian passport (aggregate penalty on travel not to exceed Rs. 50,000/-)
A grace period of three months is allowed from the date of acquisition of foreign citizenship, for the purpose of travel on an Indian Passport. Therefore, no penalty will be leviable for travel on an Indian passport within three months of acquisition of a foreign passport.