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Inheritance tax

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(Querist)
18 January 2013 What is inhritance tax???
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Ankit Jain

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Ankit Jain (Expert)
18 January 2013 Hi Sumit,

Inheritance tax is known as estate duty. It is a tax on inheritance of wealth. It is imposed on the transfer of the taxable estate of a deceased person to its legal heir. it is levied on the total market value of assets owned by a person at the time of death, and also it was abolished in India in 1985.

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