{"id":174656,"date":"2024-04-29T12:40:34","date_gmt":"2024-04-29T07:10:34","guid":{"rendered":"https:\/\/www.oliveboard.in\/blog\/?p=174656"},"modified":"2024-04-29T12:40:37","modified_gmt":"2024-04-29T07:10:37","slug":"what-is-inheritance-tax-everything-you-need-to-know-about","status":"publish","type":"post","link":"https:\/\/www.oliveboard.in\/blog\/what-is-inheritance-tax-everything-you-need-to-know-about\/","title":{"rendered":"What is Inheritance Tax? Everything You Need to Know About"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_77 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of content<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.oliveboard.in\/blog\/what-is-inheritance-tax-everything-you-need-to-know-about\/#What_is_Inheritance_Tax\" >What is Inheritance Tax?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.oliveboard.in\/blog\/what-is-inheritance-tax-everything-you-need-to-know-about\/#History_of_Inheritance_Tax_in_India\" >History of Inheritance Tax in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.oliveboard.in\/blog\/what-is-inheritance-tax-everything-you-need-to-know-about\/#Current_Status_of_Inheritance_Tax_in_India\" >Current Status of Inheritance Tax in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.oliveboard.in\/blog\/what-is-inheritance-tax-everything-you-need-to-know-about\/#Inheritance_Tax_across_the_World\" >Inheritance Tax across the World<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.oliveboard.in\/blog\/what-is-inheritance-tax-everything-you-need-to-know-about\/#Arguments_in_Favour\" >Arguments in Favour<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.oliveboard.in\/blog\/what-is-inheritance-tax-everything-you-need-to-know-about\/#Arguments_Against\" >Arguments Against<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.oliveboard.in\/blog\/what-is-inheritance-tax-everything-you-need-to-know-about\/#Gift_Tax_in_India\" >Gift Tax in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.oliveboard.in\/blog\/what-is-inheritance-tax-everything-you-need-to-know-about\/#FAQs_Inheritance_Tax_in_India\" >FAQs: Inheritance Tax in India<\/a><\/li><\/ul><\/nav><\/div>\n<div class=\"yoast-breadcrumbs\"><span><span><a href=\"https:\/\/www.oliveboard.in\/blog\/\">Home<\/a><\/span> \u00bb <span><a href=\"https:\/\/www.oliveboard.in\/blog\/category\/static-gk\/\">Static GK<\/a><\/span> \u00bb <span class=\"breadcrumb_last\" aria-current=\"page\"><strong>What is Inheritance Tax?<\/strong><\/span><\/span><\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_Inheritance_Tax\"><\/span>What is Inheritance Tax?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Inheritance tax, also called estate tax, is a levy imposed on the entirety of a deceased individual&#8217;s money and property before it is passed on to their rightful heirs. Generally, this tax is determined by assessing the value of the assets remaining after certain exemptions or deductions. The primary aim of inheritance tax is to generate government revenue and promote wealth redistribution.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"History_of_Inheritance_Tax_in_India\"><\/span>History of Inheritance Tax in India<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Introduced in 1953 under the Estate Duty Act, this measure aimed to reduce economic inequality.<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Rates for estate duty were progressive, reaching up to 85% for estates exceeding Rs 20 lakh.<\/strong><\/li><li>It applied to the market value of all immovable properties in India and movable assets, both within and outside India, transferred to successors upon an individual&#8217;s death.<\/li><li>The law included measures to prevent certain transactions like gifts made before death or within two years before it.<\/li><li>Despite its good intentions, the estate duty law faced criticism due to its complexity, leading to higher legal battles and administrative expenses.<\/li><li>There were concerns about double taxation on assets with estate duty and wealth tax (now abolished since FY16).<\/li><li>Moreover, estate duty collections were lower due to illegal concealment and the ownership of benami properties.<\/li><\/ul>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\" href=\"https:\/\/www.oliveboard.in\/blog\/daily-current-affairs\/\" target=\"_blank\" rel=\"noreferrer noopener\">Click Here to Read Daily Current Affairs 2024<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Current_Status_of_Inheritance_Tax_in_India\"><\/span>Current Status of Inheritance Tax in India<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>In India, inheritance can occur through a Will or according to the deceased&#8217;s personal law. Inheritance falls under direct taxation.<\/li><li><strong>As of now, India does not have an inheritance tax. The Inheritance or Estate Tax was removed in 1985.<\/strong><\/li><li>When an individual passes away, their properties transfer to legal heirs without any exchange of money, which could be seen as a gift for income tax purposes.<\/li><li>The Income Tax Act of 1961 excludes asset transfers via wills or inheritance from gift tax obligations.<\/li><\/ul>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\" href=\"https:\/\/www.oliveboard.in\/blog\/weekly-current-affairs\/\" target=\"_blank\" rel=\"noreferrer noopener\">Click Here to Read Weekly Current Affairs 2024<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Inheritance_Tax_across_the_World\"><\/span>Inheritance Tax across the World<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>Japan has one of the highest inheritance tax rates globally, at 55%. <\/li><li>South Korea follows closely with a rate of 50%. <\/li><li>France imposes a rate of 45%. <\/li><li>While both the United Kingdom and the United States have rates of 40%.<\/li><\/ul>\n\n\n\n<p>These rates demonstrate different countries&#8217; strategies for managing wealth distribution and taxation. Inheritance tax plays a crucial role in shaping economic policies and social welfare systems by affecting decisions regarding wealth transfer and intergenerational equity.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\" href=\"https:\/\/www.oliveboard.in\/blog\/monthly-current-affairs\/\" target=\"_blank\" rel=\"noreferrer noopener\">Click Here to Read Monthly Current Affairs 2024<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Arguments_in_Favour\"><\/span>Arguments in Favour<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Supporters of inheritance tax point to these benefits:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Reduces wealth inequality:<\/strong>&nbsp;It helps redistribute wealth from the very rich to society as a whole.<\/li><li><strong>Increases government revenue:<\/strong>&nbsp;Inheritance tax can be a significant source of income for governments.<\/li><li><strong>Discourages excessive wealth concentration:<\/strong>&nbsp;It prevents a small number of families from holding onto vast amounts of wealth for generations.<\/li><\/ul>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\" href=\"https:\/\/www.oliveboard.in\/blog\/banking-current-affairs\/\" target=\"_blank\" rel=\"noreferrer noopener\">Click Here to Read Monthly Banking Current Affairs 2024<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Arguments_Against\"><\/span>Arguments Against<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There are arguments against inheritance tax:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Discourages investment and entrepreneurship:<\/strong>&nbsp;Some argue it disincentivizes wealth creation and discourages passing on successful businesses to heirs.<\/li><li><strong>Burdens family businesses:<\/strong>&nbsp;It can create a financial burden on family-owned businesses that need to pay the tax to inherit the business.<\/li><li><strong>Administrative complexity:<\/strong>&nbsp;Implementing and administering the tax can be complex.<\/li><\/ul>\n\n\n\n<p>The debate over inheritance tax centers on how to balance these potential benefits and drawbacks.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\" href=\"https:\/\/www.oliveboard.in\/blog\/monthly-current-affairs-for-ssc\/\" target=\"_blank\" rel=\"noreferrer noopener\">Click Here to Read <strong>Monthly<\/strong> SSC Current Affairs 2024<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Gift_Tax_in_India\"><\/span>Gift Tax in India<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>India does not currently have a separate <strong>Gift Tax<\/strong>. The concept of Gift Tax existed until 1998 under the Gift Tax Act, 1958. However, it was abolished and replaced with a system where gifts are taxed under the income tax provisions.<\/p>\n\n\n\n<p>Here&#8217;s a breakdown of how gifts are treated in India&#8217;s tax system:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Exempt Gifts:<\/strong><ul><li>Gifts <strong>up to Rs. 50,000 per financial year<\/strong> are exempt from tax.<\/li><li>Gifts received from <strong>specified relatives<\/strong> are exempt regardless of the amount. These relatives include spouses, siblings, parents, grandparents, children, grandchildren, uncles, aunts, nieces, nephews, etc.<\/li><\/ul><\/li><li><strong>Taxable Gifts:<\/strong><ul><li>Any gift exceeding Rs. 50,000 in a year from someone other than a specified relative is considered income and taxed under the head &#8220;Income from Other Sources&#8221; at the recipient&#8217;s income tax slab rate.<\/li><li>Even gifts below Rs. 50,000 from non-relatives need to be clubbed together if the total value from the same source in a year exceeds Rs. 50,000, and the entire amount becomes taxable.<\/li><\/ul><\/li><\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><div class=\"wp-block-latest-posts__featured-image\"><a href=\"https:\/\/www.oliveboard.in\/blog\/caiib-pyps\/\" aria-label=\"CAIIB Previous Year Question Paper, Download Free PDF\"><img loading=\"lazy\" decoding=\"async\" width=\"128\" height=\"84\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2025\/12\/CAIIB-1.webp\" class=\"attachment-thumbnail size-thumbnail wp-post-image\" alt=\"\" style=\"\" srcset=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2025\/12\/CAIIB-1.webp 730w, https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2025\/12\/CAIIB-1-150x99.webp 150w\" sizes=\"auto, (max-width: 128px) 100vw, 128px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/caiib-pyps\/\">CAIIB Previous Year Question Paper, Download Free PDF<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image\"><a href=\"https:\/\/www.oliveboard.in\/blog\/caiib-free-quizzes\/\" aria-label=\"Attempt CAIIB Free Practice Quizzes &amp; Download Paper-wise PDFs\"><img loading=\"lazy\" decoding=\"async\" width=\"128\" height=\"84\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2026\/03\/JAIIB-2-1-4.webp\" class=\"attachment-thumbnail size-thumbnail wp-post-image\" alt=\"\" style=\"\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/caiib-free-quizzes\/\">Attempt CAIIB Free Practice Quizzes &amp; Download Paper-wise PDFs<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image\"><a href=\"https:\/\/www.oliveboard.in\/blog\/jaiib-free-quizzes\/\" aria-label=\"Attempt JAIIB Free Practice Quizzes &amp; Download Paper-wise PDFs\"><img loading=\"lazy\" decoding=\"async\" width=\"128\" height=\"84\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2026\/03\/JAIIB-1-10.webp\" class=\"attachment-thumbnail size-thumbnail wp-post-image\" alt=\"\" style=\"\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/jaiib-free-quizzes\/\">Attempt JAIIB Free Practice Quizzes &amp; Download Paper-wise PDFs<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image\"><a href=\"https:\/\/www.oliveboard.in\/blog\/rbi-grade-b-selection-process\/\" aria-label=\"RBI Grade B Selection Process 2026, Know About Phase 1, 2 &amp; Interview\"><img loading=\"lazy\" decoding=\"async\" width=\"128\" height=\"84\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2026\/04\/RBI-Grade-B-1-6.webp\" class=\"attachment-thumbnail size-thumbnail wp-post-image\" alt=\"\" style=\"\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/rbi-grade-b-selection-process\/\">RBI Grade B Selection Process 2026, Know About Phase 1, 2 &amp; Interview<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image\"><a href=\"https:\/\/www.oliveboard.in\/blog\/caiib-central-banking-pyps\/\" aria-label=\"Attempt CAIIB Central Banking PYP Quiz and Download Free PDF\"><img loading=\"lazy\" decoding=\"async\" width=\"128\" height=\"84\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2026\/05\/CAIIB-2-1-1.webp\" class=\"attachment-thumbnail size-thumbnail wp-post-image\" alt=\"\" style=\"\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/caiib-central-banking-pyps\/\">Attempt CAIIB Central Banking PYP Quiz and Download Free PDF<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image\"><a href=\"https:\/\/www.oliveboard.in\/blog\/ibps-so-reserve-list-link\/\" aria-label=\"IBPS SO 1st Reserve List 2025-26 Out, Check Allotment Status\"><img loading=\"lazy\" decoding=\"async\" width=\"128\" height=\"84\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2026\/02\/IBPS-SO-Reserve-List.webp\" class=\"attachment-thumbnail size-thumbnail wp-post-image\" alt=\"IBPS SO 1st Reserve List 2025-26\" style=\"\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/ibps-so-reserve-list-link\/\">IBPS SO 1st Reserve List 2025-26 Out, Check Allotment Status<\/a><\/li>\n<\/ul>\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FAQs_Inheritance_Tax_in_India\"><\/span>FAQs: Inheritance Tax in India<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1714049286557\"><strong class=\"schema-faq-question\">Q1. What is Inheritance Tax?<\/strong> <p class=\"schema-faq-answer\">Ans. Inheritance Tax, also known as estate tax or death duty in some countries, is a tax imposed on the estate of a deceased person before the assets are passed on to their heirs or beneficiaries. The tax is typically based on the value of the deceased person&#8217;s assets at the time of death.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1714049421069\"><strong class=\"schema-faq-question\">Q2. Is there an inheritance tax in India?<\/strong> <p class=\"schema-faq-answer\">Ans. No, India does not currently have an inheritance tax. However, other taxes such as capital gains tax, wealth tax, and gift tax may apply to inheritances depending on the circumstances. It&#8217;s essential to consult with a tax advisor to understand the tax implications of inherited assets in India.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1714049442308\"><strong class=\"schema-faq-question\">Q3. When was the Estate Tax abolished in India?<\/strong> <p class=\"schema-faq-answer\">Ans. The Estate Tax in India, also known as the Estate Duty, was abolished in 1985. This decision was part of the efforts to simplify the tax system and remove perceived impediments to economic growth. Since then, India has not had a specific tax levied on inherited estates.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1714050272206\"><strong class=\"schema-faq-question\">Q4. Is there a gift tax in India?<\/strong> <p class=\"schema-faq-answer\">Ans. India does not have a specific gift tax. However, gifts are subject to taxation under certain circumstances. For example, gifts of immovable property, cash, or movable property exceeding a certain value may be subject to income tax under the Income Tax Act.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1714050311474\"><strong class=\"schema-faq-question\">Q5. Is there a wealth tax in India?<\/strong> <p class=\"schema-faq-answer\">Ans. India does not have a wealth tax. The Wealth Tax Act was abolished in 2015, and since then, there hasn&#8217;t been a specific tax levied on wealth in India. However, individuals and entities are still subject to income tax on their income and capital gains as per the provisions of the Income Tax Act.<\/p> <\/div> <\/div>\n","protected":false},"excerpt":{"rendered":"<p>What is Inheritance Tax? Inheritance tax, also called estate tax, is a levy imposed on the entirety of a deceased<\/p>\n","protected":false},"author":54,"featured_media":174676,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10386,11544],"tags":[77,14723,14721,14722],"class_list":["post-174656","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs","category-static-gk","tag-current-affairs","tag-estate-tax","tag-inheritance-tax","tag-inheritance-tax-in-india","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is Inheritance Tax? Everything You Need to Know About<\/title>\n<meta name=\"description\" content=\"Inheritance tax, also called estate tax, is a levy imposed on the entirety of a deceased individual&#039;s money and property before it is passed on to their rightful heirs.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.oliveboard.in\/blog\/what-is-inheritance-tax-everything-you-need-to-know-about\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is Inheritance Tax? Everything You Need to Know About\" \/>\n<meta property=\"og:description\" content=\"What is Inheritance Tax? Inheritance tax, also called estate tax, is a levy imposed on the entirety of a deceased individual&#039;s money and property before\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.oliveboard.in\/blog\/what-is-inheritance-tax-everything-you-need-to-know-about\/\" \/>\n<meta property=\"og:site_name\" content=\"Oliveboard\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Oliveboard\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-29T07:10:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-29T07:10:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2024\/04\/What-is-Inheritance-Tax-Everything-You-Need-to-Know-About.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Aditi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Oliveboard\" \/>\n<meta name=\"twitter:site\" content=\"@Oliveboard\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Aditi\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/what-is-inheritance-tax-everything-you-need-to-know-about\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.oliveboard.in\/blog\/what-is-inheritance-tax-everything-you-need-to-know-about\/\"},\"author\":{\"name\":\"Aditi\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/#\/schema\/person\/7c2fe6424b009725f49422da72b5cef7\"},\"headline\":\"What is Inheritance Tax? 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The tax is typically based on the value of the deceased person's assets at the time of death.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/www.oliveboard.in\/blog\/what-is-inheritance-tax-everything-you-need-to-know-about\/#faq-question-1714049421069","position":2,"url":"https:\/\/www.oliveboard.in\/blog\/what-is-inheritance-tax-everything-you-need-to-know-about\/#faq-question-1714049421069","name":"Q2. Is there an inheritance tax in India?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Ans. No, India does not currently have an inheritance tax. However, other taxes such as capital gains tax, wealth tax, and gift tax may apply to inheritances depending on the circumstances. It's essential to consult with a tax advisor to understand the tax implications of inherited assets in India.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/www.oliveboard.in\/blog\/what-is-inheritance-tax-everything-you-need-to-know-about\/#faq-question-1714049442308","position":3,"url":"https:\/\/www.oliveboard.in\/blog\/what-is-inheritance-tax-everything-you-need-to-know-about\/#faq-question-1714049442308","name":"Q3. When was the Estate Tax abolished in India?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Ans. The Estate Tax in India, also known as the Estate Duty, was abolished in 1985. This decision was part of the efforts to simplify the tax system and remove perceived impediments to economic growth. Since then, India has not had a specific tax levied on inherited estates.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/www.oliveboard.in\/blog\/what-is-inheritance-tax-everything-you-need-to-know-about\/#faq-question-1714050272206","position":4,"url":"https:\/\/www.oliveboard.in\/blog\/what-is-inheritance-tax-everything-you-need-to-know-about\/#faq-question-1714050272206","name":"Q4. Is there a gift tax in India?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Ans. India does not have a specific gift tax. However, gifts are subject to taxation under certain circumstances. For example, gifts of immovable property, cash, or movable property exceeding a certain value may be subject to income tax under the Income Tax Act.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/www.oliveboard.in\/blog\/what-is-inheritance-tax-everything-you-need-to-know-about\/#faq-question-1714050311474","position":5,"url":"https:\/\/www.oliveboard.in\/blog\/what-is-inheritance-tax-everything-you-need-to-know-about\/#faq-question-1714050311474","name":"Q5. Is there a wealth tax in India?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Ans. India does not have a wealth tax. The Wealth Tax Act was abolished in 2015, and since then, there hasn't been a specific tax levied on wealth in India. However, individuals and entities are still subject to income tax on their income and capital gains as per the provisions of the Income Tax Act.","inLanguage":"en-US"},"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/posts\/174656","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/users\/54"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/comments?post=174656"}],"version-history":[{"count":2,"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/posts\/174656\/revisions"}],"predecessor-version":[{"id":174758,"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/posts\/174656\/revisions\/174758"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/media\/174676"}],"wp:attachment":[{"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/media?parent=174656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/categories?post=174656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/tags?post=174656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}