PGLAW 2016 Panjab University Entrance Exam With Answers

Practice Mode:

26.

Tax Payable On A Person’s Property On His Death Is Known As :

A: Death Duty

B: Interlocutory Tax

C: Estate Duty

D: Ex-ante Tax

The answer is: C

<< Previous Question

Next Question >>

Explanation

C: Estate Duty

Estate duty is a tax payable on the property of a deceased person. It is also known as inheritance tax or death duty. The tax is paid on the net value of the deceased person's estate, which includes all the assets they owned at the time of their death, minus any debts or liabilities. The tax is usually paid by the executor of the deceased person's will, and the rate at which it is charged varies depending on the country and jurisdiction.