What is inheritance tax as Hotmail's Sabeer Bhatia suggests a 55% rate for India?

Hotmail co-founder Sabeer Bhatia suggested that India should consider a 55% inheritance tax to become a more competitive nation. Inheritance tax is a tax imposed on the transfer of a person’s assets to heirs and children after their death. Under this, the recipient may have to pay the government a portion of the inherited assets, depending on the rules.