What are the properties exempt from inheritance tax?

What are the properties exempt from inheritance tax? : At the very beginning, you should know that in general, the property that a person leaves after his death is called an inheritance or an inheritance. After the deceased, a part of the property should be divided according to the deceased’s will and the other part according to the classification of the heirs and the inheritance monopoly law. The inheritance monopoly process has many and different stages, one of which is determining the property exempt from inheritance tax. Stay with us to check this reason in this article.

In the field of inheritance, we have two categories of tax exemptions as follows:

One is general exemptions
The other one is for those subject to the old law
Inheritance tax law was amended about 5 years ago, i.e. in 2015. According to this issue, a person who dies from 1395 onwards, his heirs must follow a new law. But if the deceased person dies before the year 2015, he will not be subject to the new law. That is, his heirs must follow the previous law. The new law that has been enacted has a series of new exemptions. This is despite the fact that the previous law had more exemptions.

What you will read in the rest of this article
Income tax
Inheritance tax rate
Property subject to inheritance tax
Property exempt from inheritance tax

Income tax

In order to get to know the property exempt from inheritance tax, first we will get to know the meaning and concept of inheritance tax. One of the types of direct taxes that the government receives is inheritance tax. In this way, whenever the deceased person has heirs, the heirs or his legal representative must first proceed to monopolize the inheritance. To officially identify the heirs of the deceased.

They are also obliged to refer to the tax affairs organization of the place of residence of the deceased within a maximum of one year from the date of death. Then, fill in the following information in a declaration that is prepared in the form of special forms by the Tax Affairs Organization:

identity
Place of deceased
Heirs at death
Property and assets
The results
Funeral expenses
Financial and religious obligations
Debts of the deceased such as wife’s dowry
Inheritance tax rate

what is the inheritance tax rate?

This rate is different and in some cases there are deductions. The team rates and discounts are as follows:

The share of the heirs of the first category of three million tomans exemption is deducted.
In the case of property exempt from inheritance tax based on Article 38 of the Direct Tax Law: “Property that is transferred to the heirs as per the vow or will as the case may be, at the rate mentioned in Article (17) of this law and if it is not the heirs, excluding persons mentioned in paragraph (3) of article (24) of this law, it will be subject to incidental income tax.
In cases where financial benefits are the subject of vows or bequests, as well as financial benefits that are subject to endowment and imprisonment, the beneficiaries of the benefits, with the exception of the persons mentioned in paragraph (3) of article (24) of this law, are subject to income tax for the benefits of each year. they will be.
Note: The bequeathed property will be subject to tax when the bequest becomes final with the testator’s death.

Property subject to inheritance tax

Before getting to know the properties that are exempt from inheritance tax, know the properties that are subject to inheritance tax. These properties include:

Bank deposits, securities and partnership bonds of the deceased, except for the cases mentioned in the tax law clauses, include a two percent tax.
Sahar and the share of their partners at the rate of one and a half times the rates mentioned in the law
Vehicles (motor, air, land and sea) at the rate of 2% of the price announced by the country’s tax organization
Real estate and the right to transfer the premises at a rate one and a half times the rates mentioned in Article 59
Property exempt from inheritance tax
We have reached the most important part of this article. In this section, as a final note, we present the list of property exempt from inheritance tax.

Property that is part of the deceased’s estate. Until one year after the tax is certain and the case cannot be processed in the tax authorities, according to the laws or special rulings, their property will be confiscated. Or, according to the certificate of the relevant organization, it will be provided free of charge to ministries, government institutions, municipalities, institutions of the Islamic Revolution or companies whose shares are 100% owned by the government.
Cases where the heirs transfer all or part of the property that is part of the estate to one of the persons mentioned in Article (2) of this law for free. (Article 21 BC)
Retirement and duty funds and service savings and end of service benefits. Claims related to severance damages, redemption of service and paid leave. Social insurances as well as funds paid by insurance institutions or insurers or employers, such as life insurance, death compensation, as well as dowry and the like. Depending on the case, it is paid once or continuously to the deceased’s heirs. (Article 24 BC)
Movable property belonging to the subjects of paragraph 4, article 39 of the Vienna Agreement dated April 1340 and Article (51) of the Vienna Agreement dated April 1342 and paragraph (4) of Article (38) of the Vienna Agreement dated March 1353. By observing the conditions stipulated in the said agreement with the condition Mutual transaction. (Article 24 BC)
Properties that are bequeathed or bequeathed to the organizations and institutions mentioned in Article (2) of this law. subject to the approval of the aforementioned organizations and institutions. (Article 24 BC)
Eighty percent of the shares and deposits of the deceased with Iranian banks and their branches abroad and authorized non-banking credit institutions.
Fifty percent of the value of the deceased’s shares in companies whose shares are admitted to the stock exchange according to the relevant law.
Forty percent of the value of the deceased’s shares or shares in other companies.
Forty percent of the deceased’s net asset value in manufacturing, industrial, mining and agricultural units. (Article 24 BC)

Get expert advice
You can contact my Vakil Man law firm to receive expert advice from the best lawyers in Iran or refer to the Contact My Vakil section.