Static magnetic susceptibility chi, ac susceptibility chi_{ac} and specific heat C versus temperature T measurements on polycrystalline samples of In2VO5 and chi and C versus T measurements on the isostructural, nonmagnetic compound In2TiO5 are reported. A Curie-Wiess fit to the chi(T) data above 175 K for In2VO5 indicates ferromagnetic exchange between V^{4+} (S = 1/2) moments. Below 150 K the chi(T) data deviate from the Curie-Weiss behavior but there is no signature of any long range magnetic order down to 1.8 K. There is a cusp at 2.8 K in the zero field cooled (ZFC) chi(T) data measured in a magnetic field of 100 Oe and the ZFC and field cooled (FC) data show a bifurcation below this temperature. The frequency dependence of the chi_{ac}(T) data indicate that below 3 K the system is in a spin-glass state. The difference Delta C between the heat capacity of In2VO5 and In2TiO5 shows a broad anomaly peaked at 130 K. The entropy upto 300 K is more than what is expected for S = 1/2 moments. The anomaly in Delta C and the extra entropy suggests that there may be a structural change below 130 K in In2VO5.