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What are the tax implications of estate planning?

Curious about estate planning

What are the tax implications of estate planning?

In India, there are various tax implications of estate planning that you should be aware of.

Firstly, there is an inheritance tax in India, also known as the estate duty. However, currently, there is no estate duty in India as it was abolished in 1985.

Secondly, there are taxes on the transfer of assets. When assets are transferred during your lifetime or after your death, they may be subject to various taxes, such as gift tax, capital gains tax, and stamp duty.

Thirdly, there are taxes on the income earned by the assets in your estate, such as interest earned on fixed deposits, dividends from stocks, or rental income from properties. These incomes are subject to income tax.

To minimize the tax implications of estate planning, it is advisable to consult with a financial advisor or tax professional who can help you develop an effective estate plan that takes into account your specific financial situation and goals.

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