Disclosure of Inheritance

CA. Sourav Sarkar

Chartered Accountant

24588 Points Posted on 31 July 2023

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

Chirag Hansora

Student

40 Points Posted on 31 July 2023

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?

CA. Sourav Sarkar

Chartered Accountant

24588 Points Posted on 31 July 2023

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..

Chirag Hansora

Student

40 Points Posted on 31 July 2023

Sir, i am not asking about income, i am asking about the balance that i received through inheritance in my Balance Sheet

CA. Sourav Sarkar

Chartered Accountant

24588 Points Posted on 31 July 2023

Show under income from other sources

sabyasachi mukherjee

Profession Business

28207 Points Posted on 31 July 2023

No not all

PUTHETY SRINIVASULU

85 Points Posted on 01 August 2023

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.

sabyasachi mukherjee

Profession Business

28207 Points Posted on 02 August 2023

Inheritance is not taxable. On sale of inherited assets it is taxable.

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