How to show inherited money in ITR?
You do not have to show inherited money while filing your ITR (Income Tax Return). This is because inherited money in India is not taxable in India under ITR’s Section 47. However, any property you receive from a deceased person will be considered inherited if you receive it from a close relative (as per the ITR’s definition of a close relative under Section 56). However, if you earn interest income on the inherited money, it will be applicable for taxation under "Income from Other Sources." In case, you sell the inherited property, you will have to pay capital gains tax as per the ITR laws.