How to declare will inheritance

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VISVANATH V (Querist)
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06 July 2021 Dear experts, how and in which form do i report an bank ac nomination of Rs 83,65,00900 if i am filing presumptive return. PlS answer.

Deepa B

Deepa B (Expert)
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06 July 2021 Inherited assets are not liable to tax in India especially when received from a relative (i.e., covered under the definition in the Act). But if any income is earned subsequently from such inherited assets then such income is taxable which needs to be disclosed in your return. For example Savings bank/ fixed deposit interest is earned on such bank balance, then it is a taxable income.
If you intend to report it in ITR, same can be done through Balance sheet.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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11 October 2021 File ITR 4, the same way, and declare the amount under Schedule EI....

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