Taxes like gift tax, wealth tax etc are also referred to as which type of taxes? 

Correct option is C

The correct answer is (c) Direct taxes

• Direct taxes are taxes that are levied directly on an individual or organization's income, wealth, or property, and they cannot be transferred to another person.

• Gift tax and wealth tax fall under the category of direct taxes because they are imposed directly on the wealth or gifts of an individual.

• Other examples of direct taxes include income tax and corporate tax.

Information Booster:

• Direct Taxes: These are taxes that are paid directly by the individual or entity to the government. The incidence and impact of the tax fall on the same entity.

• Indirect Taxes: In contrast, indirect taxes (such as GST or sales tax) are levied on goods and services, and the burden can be shifted to consumers.

Additional Information:

• Gift Tax: Imposed on the value of a gift given, subject to certain exemptions.

• Wealth Tax: A tax on the net wealth of an individual, Hindu Undivided Family (HUF), or company.