Estate duty/tax

Tax Glossary Definition

Estate duty/tax

Estate duty, also referred to as estate tax, is a levy imposed on the transfer of a deceased individual’s assets to their heirs or beneficiaries. The tax is determined based on the total market value of the estate at the time of death and is typically paid before the distribution of inherited property. It serves as a means of taxing the transfer of wealth and ensuring fiscal contribution from large estates.

Example: When a person passes away leaving behind property worth ₹2 crore, the applicable estate duty is calculated on the total value of that estate before it is distributed among the beneficiaries.

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