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Do all heirs need to agree to sell an inherited property?

Selling an inherited house requires navigating a maze of complexities.

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I Inherited Property How Can I Tell Its Fair Market Value?

Inheriting property, whether expected or unexpected, can raise some questions about what to do with it and what it's worth. Specifically, you'll need to know the property's fair market value (FMV) to calculate your cost basis for tax purposes. How do you determine the fair market value of inherited property? There are a few ways […] The post How Do You Determine the Fair Market Value of Inherited Property? appeared first on SmartReads by SmartAsset.

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What Is The Difference Between Inherited And Ancestral Property?

In contrast to inherited property, which can be sold by the owner, the ancestral property requires the consent of all successors.

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How is inherited property to be declared in ITR?

As per provisions of Section 56(2) of the Income Tax Act, 1961, in case a person receives any immovable property without consideration having the stamp duty value of more than ₹50,000, then the same shall be chargeable to income tax as income from other sources

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