Millionaire Mode

Taxation of Inheritance and Gifts: Levies and Exemptions

Question 1 of 15

In India, the taxation of inheritance and gifts falls under which act?

  1. Income Tax Act, 1961
  2. Wealth Tax Act, 1957
  3. Estate Duty Act, 1953
  4. Gift Tax Act, 1958

Prize Money

15₹7 Crores
14₹1 Crore
13₹50,00,000
12₹25,00,000
11₹12,50,000
10₹6,40,000
9₹3,20,000
8₹1,60,000
7₹80,000
6₹40,000
5₹20,000
4₹10,000
3₹5,000
2₹2,000
1₹1,000