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Question
Estate Duty was abolished in ______.
Estate Duty was abolished in ______.
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Solution
The correct option is C 1985
In India, estate duty was introduced in 1953, with an aim to promote inter-generational equity and wealth distribution. Its another motive was to increase revenue earned through direct tax. It was abolished in 1985 due to the aegis of the then finance minister V.P.Singh, to the collective relief of assessees. Hence, estate duty was abolished in 1985.
In India, estate duty was introduced in 1953, with an aim to promote inter-generational equity and wealth distribution. Its another motive was to increase revenue earned through direct tax. It was abolished in 1985 due to the aegis of the then finance minister V.P.Singh, to the collective relief of assessees. Hence, estate duty was abolished in 1985.
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