An inheritance or Estate duty is a tax on the total market value of a person's assets (cash and non-cash) at the date of his or her death. It does not matter if the person has a will or not, the assets are still subject to estate duty. The deceased person's assets, as a whole, are called an estate.A former death duty levied on property from 1889. It was replaced in 1975 by capital transfer tax and in 1986 by inheritance tax.
Ans : Estate duty ,Sales tax and Land revnue
Sales tax
A sales tax is a consumption tax imposed by the government on the sale of goods and services. A conventional sales tax is levied at the point of sale, collected by the retailer, and passed on to the government.In India, policies regarding sales tax are governed by the Central Sales Tax Act, 1956. It lays down rules pertaining to tax laws that are binding on the sale and purchase of goods, as well as sales taxes chargeable by the central government. The Central Sales Tax on a particular product is paid in the state where it is being purchased.
Land revenue
The Constitution allocates this function to state governments, which generally levy nothing on farmers, though many levy hefty rates of tax on plantations. There is a tax on land, called land revenue. Collecting small amounts of agricultural income tax from millions of farmers is administratively impossible.
Ans : Estate duty ,Sales tax and Land revnue
Sales tax
A sales tax is a consumption tax imposed by the government on the sale of goods and services. A conventional sales tax is levied at the point of sale, collected by the retailer, and passed on to the government.In India, policies regarding sales tax are governed by the Central Sales Tax Act, 1956. It lays down rules pertaining to tax laws that are binding on the sale and purchase of goods, as well as sales taxes chargeable by the central government. The Central Sales Tax on a particular product is paid in the state where it is being purchased.
Land revenue
The Constitution allocates this function to state governments, which generally levy nothing on farmers, though many levy hefty rates of tax on plantations. There is a tax on land, called land revenue. Collecting small amounts of agricultural income tax from millions of farmers is administratively impossible.
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