- In 1953, India’s Parliament had passed the Estate Duty ‘Death Tax’ Act, which was later abolished in 1985.
- As per the Act, tax/duty was imposed on the principal value of movable and immovable property, including agricultural land, passed on to any person after the death of the owner of such property.
- The Act was applicable only if the property-owning person died as an adult (i.e. completed 18 years of age).
- Also, Estate duty was applicable only on inherited properties with a value above the exclusion limit set by the Act, and the tax rate was calculated as per the market value at the time of death.
- It included immovable and movable property owned by the deceased in India and outside, which were passed on to a successor– if the person died when domiciled in India.
DEATH TAX
Table of Contents
- Overview
- Key Points
- Strategy and Practice
