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Ancestral property

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Querist : Anonymous

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Querist : Anonymous (Querist)
31 October 2012 Dear Sir,
An assessee who has got a residencial house of value around Rs. 30 lacs, after his grandfather has passed away in FY 2011-12.
Now please advise me how to treat this property while filing itr 4 of the assessee. Should I mention the house value Rs. 30 lacs in Schedule EI of itr 4 of AY 201213 or not.

Please clarify.
Thanks in advance.
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Anand Modi

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Anand Modi (Expert)
31 October 2012 In my opinion you should show at the purchase price of grandfather.
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Querist : Anonymous

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Querist : Anonymous (Querist)
31 October 2012 How is the idea, not to show this property in itr ?
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Anand Modi

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Anand Modi (Expert)
31 October 2012 ya you can opt for not to show in ITR but at the time of selling you have to pay Cap gain tax
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Querist : Anonymous

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Querist : Anonymous (Querist)
31 October 2012 If I come to show in itr, then in which schedule of itr 4 it should be shown.

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