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Topic: Inheritance tax
The ‘impugned’ report does not represent the official views of the finance ministry or the income tax department, the CBDT said in a statement Sunday.
Inheritance tax was abolished in 1985. But fearing its return, rich professionals and businessmen are flocking to tax consultants to set up trusts to avoid the tax.
There is talk among business circles that the Narendra Modi government will introduce the inheritance tax again in his second term.