Reporting inherited property in itr2 form

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.