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Confused about filing I-T returns? Here’s all you need to know about it

My grandfather gifted me two rooms on one floor of her bungalow in Chembur on May 1, 2018. The circle rate is Rs 85 lakh each.

Do I need to mention it while filing returns? An individual is required to report her assets and liabilities in the tax return form, if her income exceeds Rs 50 lakh for the relevant year. Accordingly, if your income exceeds this amount, you will need to report the cost of these two rooms in the Assets and Liabilities (AL) schedule of the applicable tax return form as you are now the owner of these rooms. The instructions for the return form also clarify that …

Source: Business Standard