An inheritance is a financial phrase that refers to the assets that are passed down to someone after they die. Most inheritances may be cash, but they can also include stocks, bonds, vehicles, jewellery, art, antiques, real estate, and other physical items.
Hindu – For Hindus, which include Buddhists, Jains, Sikhs, and Arya Samaj, the law of intestate succession is codified in Hindu Succession Act, 1956. Christian and Parsis are governed under the Indian Succession Act, 1925, which provides for separate provisions of inheritance.
Muslims are governed by the Muslim Personal Law in India.
In several countries, the heir has to pay Inheritance Tax for inheriting any such kind of property or assets from the parents or grandparents or any other relative or friend. But in India, the concept of levying tax on inheritance does not exist now. The Inheritance or Estate Tax was abolished with effect from 1985 in India.