Inherited property in self name - when does this happen

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This query is : Resolved

Quick Summary

If you're residing in a property left to you in a will, you have a right to it even if the will hasn't been fully executed or property mutation completed. You may need to declare this asset if your income exceeds £50 lakhs. For properties built before April 2001, you can declare the cost basis as of April 2001 for asset declaration purposes.

Proloy Samaradivakera

Proloy Samaradivakera (Querist)

13 July 2022 I have been staying in a property (flat) which was owned by my mother and built in 1970s. My mother passed away in 2019 and I continued to stay in the property. In the WILL which she made, mentioned that the flat in which I was staying, to be given to me. Other flats to my brother and sister. The Will is yet to be executed and no mutation of property is done as of 31Mar22. Do I need to show the property as one of the assets belonging to me in Schedule AL (if income more than 50Lacs)?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

13 July 2022 Yes, it is in process, but you have right over the property.

Message likes : 1 times

Proloy Samaradivakera

Proloy Samaradivakera (Querist)

13 July 2022 Ok. Since the property was built in 1971 and not aware of the cost involved at at that time , how do I calculate the cost? Can I show the cost as of April 2001 in Schedule AL?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

13 July 2022 Yes, that can be declared.

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