The Estate Duty Act, 1953 was the primary legislation governing the taxation of inheritance and gifts in India until its repeal in 1985.

Capital gains tax is not a levy imposed under the Estate Duty Act, 1953. It is a tax levied on the profit or gain arising from the sale or transfer of capital assets.

The estate duty was levied on the net value of the estate, which was the gross value of the estate after deducting debts, liabilities, and certain exemptions.

The gift tax was levied on the value of the gift at the time of transfer, as determined by the tax authorities.

Exemption for residential property was not available under the Estate Duty Act, 1953.

The gift tax exemption limit for individuals was Rs. 30,000 under the Gift Tax Act, 1958.

The gift tax exemption limit for Hindu undivided families (HUFs) was Rs. 60,000 under the Gift Tax Act, 1958.

The repeal of the Estate Duty Act, 1953 did not lead to the introduction of capital gains tax. Capital gains tax was already in existence prior to the repeal of the Estate Duty Act.

The Wealth Tax Act, 1957 was repealed in 1990.

Inheritance tax is not a current levy related to the taxation of inheritance and gifts in India. Estate duty, gift tax, and wealth tax have all been abolished.

The taxation of inheritance and gifts in India is currently not governed by any specific legislation. All the aforementioned acts have been repealed.

The abolition of estate duty and gift tax in India was primarily aimed at promoting economic growth, reducing the tax burden on individuals, and simplifying the tax system.

Tax efficiency is not a potential challenge in the taxation of inheritance and gifts. It is a desired outcome of a well-designed tax system.

The taxation of inheritance and gifts can have a significant impact on wealth distribution, economic inequality, and social mobility.

The design of a tax system for inheritance and gifts should consider factors such as equity, efficiency, and simplicity.