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Inherited property

Jedviper (consultant) (29 Points)

18 August 2011

Hi,

I need help...After the death of my brother (who was not married), the shares and the Flat were transmitted/ transferred in my name as I am only legal heir........... Do i need to declare the same in my balance sheet (in capital account)??

thanx

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7 Replies

Mihir (Wealth Manager) (5293 Points)
Replied 19 August 2011

The shares and the flat are your person property now. So where is the question of balance sheet?

amit jain (Chartered Accountant) (532 Points)
Replied 19 August 2011

if you are having business in no other trade name than declare it in balance sheet

Jedviper (consultant) (29 Points)
Replied 19 August 2011

Originally posted by : Mihir
	The shares and the flat are your person property now. So where is the question of balance sheet?

i know that .....but i need to declare it in capital account or in balance sheet summary?.....

i m not well converstant with IT and balance sheet issues....

CA Shiv (Business Controller) (2987 Points)
Replied 19 August 2011

Yes you can show it in your personal balancesheet, if you are preparing personal balancesheet... No problem with that...

Rehbar Siamwala (Sr. Executive Taxation) (112 Points)
Replied 19 August 2011

Yes there will not be any tax implications on the inherited property and u can show it in your balancesheet.

However dividend Income from shares or Property rent (if any) will be taxable in your hands.

CA Shiv (Business Controller) (2987 Points)
Replied 19 August 2011

dividend income is not taxable.. and any income like rent will be taxable in your hand...

Mihir (Wealth Manager) (5293 Points)
Replied 19 August 2011

Submit your nomination form in the demat shares and flat. Transfer of these kind of assets without having nomination is very expensive and time-consuming.