WHY IN NEWS?
There has been a lot of discussion about using inheritance tax as a tool for redistribution of wealth to address Income Inequality in India.
Key Points-
- paid for inheriting a property or asset from a deceased person.
- Levied on the value of the inheritance received 3. Depending on the country, it can be as high as 55%.
- The beneficiary can receive the inheritance either under a Will or under the personal law of the deceased.
- In India, the concept of levying tax on inheritance does not exist now.
Calculation of Inheritance Tax:
This involves assessing the value of all assets owned by the deceased, including real estate, investments, bank accounts, vehicles, and personal belongings, while also considering any outstanding debts or liabilities.