What tax is levied on the value of an individual's property transferred upon their death?

The estate tax is a duty imposed on the transfer of the estate of a deceased person. This tax is calculated based on the total value of the person's assets and property at the time of death. Upon death, an individual’s estate may include cash, real estate, investments, and other personal property, which together can form a substantial value.

The estate tax is designed to tax the value of these assets before they are distributed to heirs or beneficiaries. Different jurisdictions have specific exemptions and rates for estate taxes, but the principle remains that this tax is specifically concerned with the transfer of wealth resulting from an individual's death.

The other types of taxes mentioned do not pertain to property transferred upon death. For example, the gift tax applies to transfers made during an individual's lifetime, while the income tax relates to earnings during a person's life, not the value of an estate after death. Capital gains tax, on the other hand, is levied on the profit made from the sale of an asset but isn't directly linked to property transferred due to death. Thus, the estate tax is the appropriate tax applied in this context.