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Inheritance Tax in India:
- An inheritance tax is a tax that is levied against a particular asset during the time of its inheritance.
- Previously, inheritance tax was levied on specific assets inherited by an individual.
- Inheritance can occur through a Will or under personal law.
- It falls under direct taxation.
An Oxfam report says that 70% of countries don’t have any form of inheritance tax on wealth. |
Current Status in India:
- Inheritance tax concept no longer exists in India.
- The Inheritance or Estate Tax was abolished in 1985.
- Properties passing to legal heirs upon death are considered transfers without consideration.
- Such transfers are excluded from gift tax under the Income Tax Act, 1961.
Why in News:
- The debate on Inheritance tax has been sparked between major political parties in their political speeches.
