Schedule of Assets (India)

A Schedule of Assets (India) is a thorough written inventory of all property — movable and immovable — owned by a deceased person at the time of death in India. Under the Indian Succession Act 1925, it is a foundational document in estate administration, used by executors, administrators, and legal heirs to identify, value, protect, and ultimately distribute the estate.

The Schedule documents every category of asset: real estate (agricultural land, residential and commercial property, undivided shares in ancestral property); bank accounts (savings, current, fixed deposits, recurring deposits, NRE/NRO accounts); investment accounts (demat accounts with NSDL or CDSL, mutual fund folios, bonds, PPF, NPS); insurance policies (life, health, and general); retirement funds (EPF, gratuity, pension arrears); vehicles (cars, motorcycles, commercial vehicles); jewellery and valuables; business interests (shareholding in companies, capital in partnership firms); digital assets (cryptocurrency, domain names, digital wallets); and loans due to the estate. For each asset, the schedule records identifying details, estimated value, document location, and any associated liabilities or encumbrances.

Section 278 of the Indian Succession Act 1925 requires an applicant for probate to submit a full inventory of the estate's property. The Schedule of Assets satisfies this statutory requirement and forms the basis of the court's grant. Without an accurate and complete inventory, the executor risks personal liability if assets are later discovered to have been omitted from the estate accounts.

For income tax purposes under the Income Tax Act 1961, the legal representative of the deceased must file the deceased's final return and may need to file returns for the estate during the administration period. An accurate Schedule of Assets is necessary for computing estate income from bank interest, dividend income on shares held in NSDL/CDSL accounts, and rental income from property. Capital gains on inherited assets use the deceased's original cost of acquisition as the base cost, requiring the schedule to record purchase prices and acquisition dates.

For Hindu undivided families (HUFs) — a significant category of asset ownership in India — the Schedule of Assets must distinguish between the deceased's individual (self-acquired) assets and the HUF's joint family assets. The Hindu Succession Act 1956 governs the devolution of both categories differently. Self-acquired property devolves under Section 8 to Class I heirs; ancestral HUF property devolves by survivorship or partition under the HUF framework.

Bank accounts held with nationalised banks (SBI, PNB, Bank of Baroda), private sector banks (HDFC Bank, ICICI Bank, Axis Bank), and post office accounts all require the executor or administrator to present either a Succession Certificate (under Sections 370–390 of the Indian Succession Act 1925) or probate before releasing balances above their indemnity thresholds. The Schedule of Assets is the document on which these court applications are based. Forms-legal.com provides this template as a starting point for India-compliant estate administration documentation.

You need a Schedule of Assets immediately after taking on the role of executor or administrator of a deceased person's estate in India. It is one of the first tasks to complete, before making any distributions or paying any debts, to confirm a complete picture of the estate's financial position.

The India Schedule of Assets (India) document is also useful for the testator to prepare and keep updated during their lifetime — an up-to-date asset schedule stored with the Will allows the executor to locate all assets quickly after death, avoiding the loss of assets that family members are unaware of.

The Schedule is required as an attachment when applying for probate under the Indian Succession Act 1925 and when providing estate accounts to beneficiaries.

Parties in India should prepare a Schedule of Assets (India) proactively rather than waiting for a dispute to arise. Courts interpret agreements based on the written terms rather than oral representations. Under Indian law, the Indian Contract Act 1872 governs contractual obligations, with Section 10 setting essential requirements for valid agreements. The Companies Act 2013 regulates corporate entities through the Registrar of Companies (ROC) and Ministry of Corporate Affairs (MCA). The Industrial Disputes Act 1947 and state labour commissioners govern employment disputes. The Information Technology Act 2000 and IT (Reasonable Security Practices) Rules 2011 protect personal data. The Income Tax Act 1961 and Goods and Services Tax Act 2017 govern tax obligations through the Central Board of Direct Taxes (CBDT) and GST Council. Where the transaction involves regulated activities, prior approval from the relevant authority may be required before execution.

A Schedule of Assets for Indian estate administration should include separate sections covering every category of asset, structured as follows.

Section 1 — Immovable Property: for each property, record the full address, survey/plot/flat number, registration details (document registration number, Sub-Registrar office, date of registration), ownership percentage (if jointly owned), estimated current market value, basis of valuation (circle rate, bank valuation, or professional valuer's report), and details of any encumbrances (registered mortgage, charge, or lien). Title deed location should be noted — original documents are often held by banks as collateral.

Section 2 — Bank Accounts: for each account, record the bank name, branch address, IFSC code, account number, account type (savings, current, FD, RD, NRE, NRO), balance as at the date of death, and the name of the nominee (if any). Locker details (locker number, branch) should be included as a separate sub-section — locker contents may include title deeds, jewellery, and other valuables.

Section 3 — Investment and Securities Accounts: for each demat account, record the depository participant (DP) name and ID, beneficiary owner (BO) ID, and a list of securities held with ISIN codes, quantity, and closing price on the date of death. For mutual fund folios, record the AMC name, folio number, scheme names, and NAV-based value on the date of death. For PPF accounts, record the bank or post office, account number, and balance. For NPS accounts, record the PRAN number and corpus value.

Section 4 — Insurance Policies: for each policy, record the insurance company, policy number, type (term, endowment, ULIP, health), sum assured, maturity date, nominee name, and current surrender value.

Section 5 — Retirement and Employment Benefits: for EPF, record the EPFO office, UAN number, and account balance. For gratuity, record the employer and estimated amount. For pension arrears, record the pension payment order (PPO) number and outstanding amounts.

Section 6 — Vehicles: registration number, make and model, year of manufacture, registration certificate (RC book) location, insurance policy details, and estimated value.

Section 7 — Jewellery and Valuables: description of each item (type, metal purity, estimated weight), estimated value, and location. A professional valuation by a government-approved valuer is advisable for the Income Tax Department.

Section 8 — Business Interests: for each company, the company name, CIN, number of shares, share certificate numbers, and estimated value. For partnership firms, the firm name, capital account balance, and profit share ratio.

Section 9 — Digital Assets: cryptocurrency holdings (platform, wallet address, approximate value), domain names, and digital wallets.

Section 10 — Loans Due to Estate: borrower name, principal outstanding, basis of the loan (loan agreement reference), and estimated recoverable amount.

Section 11 — Total Estimated Value and Liabilities: sum of all asset values, less known liabilities (home loan outstanding, personal loan, tax dues), to arrive at the net estate value. Forms-legal.com provides this template as a starting point for India-compliant estate administration documentation.