Inherited property in self name - when does this happen
This query is : Resolved
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)?
13 July 2022
Yes, it is in process, but you have right over the property.
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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?
13 July 2022
Yes, that can be declared.
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