06 July 2021
Inherited assets are not liable to tax in India especially when received from a relative (i.e., covered under the definition in the Act). But if any income is earned subsequently from such inherited assets then such income is taxable which needs to be disclosed in your return. For example Savings bank/ fixed deposit interest is earned on such bank balance, then it is a taxable income. If you intend to report it in ITR, same can be done through Balance sheet.
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