Estate Duty

Tax Glossary Definition

Estate Duty

Estate duty, also referred to as inheritance tax or death duty, is a tax imposed on the transfer of assets or wealth from a deceased individual to their legal heirs or beneficiaries. The duty is typically calculated on the total value of the deceased person’s estate, which may include property, investments, and other possessions, and becomes payable before the assets are distributed to the inheritors.

Example: If an individual passes away leaving assets valued at ₹1 crore, an estate duty may be levied on the estate’s total worth prior to its allocation among the beneficiaries.

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