Does inherited property have to be declared in itr2 during the year of inheritance? If yes, where in ITR2 does this have to be declared? There is no income from the property since it is locked up hence it does not have to be shown in schedule HOUSE PROPERTY. Schedule AL does not apply since the filer's income is well below the Rs 50 lakh criteria for filing schedule AL.
Thanks.
No need to declare it as asset in ITR.......... but liability to declare deemed rented may occure if more than one properties...
Mr. Rambhia,
Thank you for your response. I have a similar question regarding inherited wealth via bank accounts. Does this inherited wealth have to be declared in Schedule EI of ITR2? Taxes on interest from this inherited wealth are being reported and paid.
Thanks.
All sort of Inherited assets received are of capital nature, may be house property or Bank balance/FD.... As its not income..... It need not be declared in schedule EI.
Any interest received/ accrued over it, becomes taxable income in your hands, and as such should be offered for taxation.
In case you wish to declare the inherited assets, you can file ITR 3, with personal BS.
CAclubindia
