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Consider the following statements and identify the right ones.
i. Wealth tax is collected from productive as well as unproductive assets
ii. Estate duty was a type of inheritance tax of large estates
  • a)
    i only
  • b)
    ii only
  • c)
    both
  • d)
    none
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
Consider the following statements and identify the right ones.i. Wealt...
Wealth tax is collected from unproductive assets only. Estate duty was abolished in 1985.
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Most Upvoted Answer
Consider the following statements and identify the right ones.i. Wealt...
Statement i: False
Wealth tax is a tax levied on the net wealth of an individual or a Hindu Undivided Family (HUF). It is collected only from unproductive assets like land, buildings, jewellery, etc. Productive assets like shares, debentures, etc. are exempted from wealth tax.

Statement ii: True
Estate duty was a type of inheritance tax levied on the transfer of property from a deceased person to his/her legal heirs. It was applicable only to large estates and was abolished in India in 1985.

Therefore, the correct answer is option B (ii only).
Community Answer
Consider the following statements and identify the right ones.i. Wealt...
Only ii
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Consider the following statements and identify the right ones.i. Wealth tax is collected from productive as well as unproductive assetsii. Estate duty was a type of inheritance tax of large estatesa)i onlyb)ii onlyc)bothd)noneCorrect answer is option 'B'. Can you explain this answer?
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