Queen Elizabeth The Queen Mother bulk of her estate, estimated to be worth between £50 and £70 million, including paintings, Fabergé eggs, jewellery, and horses, to her surviving daughter, Queen Elizabeth II. Under an agreement reached in 1993, property passing from monarch to monarch is exempt from inheritance tax, as is property passing from the consort of a former monarch to the current monarch, so a tax liability estimated at £28 million (40 percent of the value of the estate) was not incurred. The most important pieces of art were transferred to the Royal Collection by Elizabeth II. Following her death, the Queen successfully applied
Income tax in India of such income. "In other words, u/s 271(1)(c), the penalty may range from 100 % to 300% of the amount of tax sought to be evaded." 2. Penalty u/s 270A for under reporting or misreporting of income :- The Assessing Officer or the Commissioner (Appeals) or the Principal Commissioner or Commissioner may direct any person to pay a penalty in addition to tax, if he has under-reported or misreported his income while filing his return. " In case of under reported income, the penalty shall be 50% of the amount of tax payable on under reported income." "Further, in case