Question : Tax on inheritance is called
Option 1: Excise duty
Option 2: Estate duty
Option 3: Gift tax
Option 4: Sales tax
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Correct Answer: Estate duty
Solution : The correct option is Estate duty.
One term used to describe an inheritance tax is "estate tax." The government imposes an estate tax on assets granted to beneficiaries upon the death of the original owner, including money, real estate, and investments. The inherited assets are taken into account when calculating the tax.
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Question : Which of the following sets of taxes belongs to the Central Government?
Option 1: Excise duty, sales tax and custom duty
Option 2: Income tax, custom duty and house tax
Option 3: Excise duty, custom duty and income tax
Option 4: Custom duty, entertainment tax, and income tax
Question : Which among the following is the tax levied by the center and not shared with states?
Option 1: Sales tax
Option 2: Excise duty
Option 3: Corporation tax
Option 4: Income tax
Question : Which of the following is not an indirect tax?
Option 1: Excise tax
Option 2: Goods and services tax
Option 3: Customs duty
Option 4: Wealth tax
Question : In India, which of the following taxes is levied by the state government?
Option 1: Excise duty on liquor
Option 2: Capital gains tax
Option 3: Customs tax
Option 4: Corporation tax
Question : Which of the following is an indirect tax?
Option 1: Capital gains tax
Option 3: Wealth tax
Option 4: Gift tax
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