Question : Tax on inheritance is called
Option 1: Excise duty
Option 2: Estate duty
Option 3: Gift tax
Option 4: Sales tax
Answer (1)
20th Jan, 2024
Correct Answer: Estate duty
Solution : The correct option is Estate duty.
One term used to describe an inheritance tax is "estate tax." The government imposes an estate tax on assets granted to beneficiaries upon the death of the original owner, including money, real estate, and investments. The inherited assets are taken into account when calculating the tax.
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