MANAGEMENT

Detailed explanation-1: -Estate tax is paid by the deceased individual’s estate before the money is transferred to the heir. Inheritance tax, on the other hand, is paid by the person who inherits the deceased person’s money/ assets.

Detailed explanation-2: -Estate duty is a tax on the total market value of a person’s assets at the date of his or her death.

Detailed explanation-3: -Estate duty was a form of tax which was levied on the total value of the property held by an individual calculated at the time of his / her demise. It was payable at the time when the deceased individual’s property was passed on to the successors.

Detailed explanation-4: -Inheritance tax was a tax that was levied against a particular asset during the time of its inheritance. Also popularly known as estate tax or estate duty and it does not exist now in india and comes under direct tax . For example :The inheritance of ancestral land.

Detailed explanation-5: -But at the moment, there is no such thing as an inheritance tax in India. It applied to slabs ranging from 10% to 85% of the value of the inherited property and was in effect until 1985. Due to implementation and other factors, it was abolished in India with effect in 1985.