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Inheritance Tax: Oxfam Report
April 4 , 2024
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- Oxfam report says that 70% of countries don't have any form of inheritance tax on wealth.
- Inheritance tax is a tax that was levied against a particular asset during the time of its inheritance.
- A person can receive inheritance either under a Will or under the personal law of the deceased.
- It comes under direct tax.
- In India, the concept of levying tax on inheritance does not exist now.
- The Inheritance or Estate Tax was abolished with effect from 1985.
- Also, the Income Tax Act, 1961, specifically excludes the transfer of assets under will or inheritance from the purview of gift tax.
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