Inherited property taxation: Know how to save capital gains tax on sale of inherited property or land

Inheriting property doesn't trigger immediate taxes, but selling it does incur capital gains tax, with exceptions. Tax laws allow using the property's fair market value as of April 1, 2001, potentially lowering the tax burden. The cost of acquisition and holding period of the parent are carried forward, impacting the capital gains calculation upon sale.

from Tax-Wealth-Economic Times https://ift.tt/Juyg0MG