TaxTMI 
TaxTMI 
Hello,
Builder has cancelled the booking of a flat made by my deceased mother and refunded the original booking amount. The amount has been received in mine and my brother's account. Do we need to declare this income in our ITR ?
Inherited money from cancelled property transaction
25 Aug 2019 
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Taxable refund from cancelled property booking must be declared in income tax return by heirs.
A refund from a cancelled property booking paid into the heirs' accounts must be disclosed by those beneficiaries in their income tax returns, requiring the refunded booking amount to be reported as income by the recipients. (AI Summary)
A refund from a cancelled property booking paid into the heirs' accounts must be disclosed by those beneficiaries in their income tax returns, requiring the refunded booking amount to be reported as income by the recipients. (AI Summary)
