In India, the present status of the above taxes is: 1. Estate | ECONOMY by VIVEK SINGH
In India, the present status of the above taxes is:
1. Estate Duty (Inheritance tax or death tax) abolished in 1985. It was a tax levied on the total value of money and property of a deceased person before it is distributed to their legal heirs.
2. Wealth taxabolished in 2015 A tax levied on the net wealth owned by a person
3. Gift tax abolished in 1998 (But is was reintroduced in other form. Gifts from unrelated persons is included in 'income from other sources' and is taxed as per income tax slab. Gifts from blood relations are exempted)
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