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Q. |
Tax on inheritance is called - |
A. | Excise duty |
B. | Estate duty |
C. | Gift tax |
D. | Sales tax |
Answer» B. Estate duty | |
Explanation: Estate duty is a tax on the total market value of a person's assets at the date of his or her death. The deceased person's assets, as a whole, are called an estate. Inheritance tax is levied on assets that legal heirs inherit, while estate duty is applicable on the assets of those who are dead. |
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