1. What is inheritance tax.? Inheritance tax is a type of tax you have to pay, when you die, on the assets you leave for your loved ones, like your home, stocks and shares, possessions - normally known as "your estate."(WebCorp)
2. That is a gift with regard to which he had reserved a benefit and that gift (the full value of the house) will come into charge to inheritance tax on his death.(BNCI)
3. Gift tax is assessed on the transfer of property during the donor's lifetime and is intended to prevent the avoidance of inheritance tax.(WebCorp)