Disclosure of Inheritance

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Student
40 Points Joined January 2014
If i have received House Property, Shares, Bank Balance and some receivable balance from Balance Sheet of my mother through inheritance, how should it be disclosed while filing ITR and on what section shall i claim exemption
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On 31 July 2023 at 12:46 Report
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Chartered Accountant
24588 Points Joined November 2019
Basically inherited assets have no tax, but if you sold the assets or any interest, rental income is there, then ITR can be filled under applicable heads
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On 31 July 2023 at 12:55
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Student
40 Points Joined January 2014
Sir, i need to know where shall it be disclosed in ITR form while filing the Return and under what section shall i claim exemption?
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On 31 July 2023 at 13:02
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Chartered Accountant
24588 Points Joined November 2019
If there is rent then it will be under Income from House Property, if there is interest then it will be under Income from other sources, if there is capital gains then under capital gains etc..
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On 31 July 2023 at 13:10
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Student
40 Points Joined January 2014
Sir, i am not asking about income, i am asking about the balance that i received through inheritance in my Balance Sheet
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On 31 July 2023 at 13:14
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Chartered Accountant
24588 Points Joined November 2019
Show under income from other sources
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On 31 July 2023 at 13:30
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27922 Points Joined May 2017
No not all
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On 31 July 2023 at 14:48
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85 Points Joined September 2021
The inherited assets may be shown under the head"exempted income'' in the ITR .but any income generated from inhereted may shown under the head income from other sources.
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On 01 August 2023 at 15:54
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27922 Points Joined May 2017
Inheritance is not taxable. On sale of inherited assets it is taxable.
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On 02 August 2023 at 06:41
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2339 Points Joined July 2017
I personally don't think inherited assets have to be shown
( I don't think itr has a column where inherited assets are to be displayed)
only income generated from these assets is taken for calculation and pay taxes
eg...suppose Mr X inherited flat , then this inherited flat cannot be shown/ provision to show ( is not in any itr form....as per my personal opinion)
if x recived rent/ sell and capital gain is there , only then it has to be accounted in appropriate itr
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On 02 August 2023 at 15:41
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Chartered Accountant
24588 Points Joined November 2019
Exactly Mr.Mahesh
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On 02 August 2023 at 15:42
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Jobs on assignment basis.
1476 Points Joined December 2009

It will be considered as Exempt Income

Please read Sec 56

(III) under a will or by way of inheritance; 

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On 03 August 2023 at 20:19
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27922 Points Joined May 2017
On sale of inherited asset disclosure is required.
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On 04 August 2023 at 07:06
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Chartered Accountant
24588 Points Joined November 2019
If sale is there of any inherited Assets then that should be reported in ITR
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On 04 August 2023 at 07:34
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6 Points Joined February 2025

Follow-up query: Does one need to declare the inherited assets in Schedule AL, or maintain it the Balance Sheet, or both?

 

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On 18 February 2025 at 20:47


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