Communism is one of the most controvertial political philosophies. In a nutshell Communism removes money and property and distributes it amongst the people. This has not to be confused with socialism which gives everyone eqaul share in profit and prosperity.
In a communist society everyone works and everyone is provided equally, If you are strugling you comrades are there to help you out and if you are able to work more you help others.
The goal is to take the power away from those who have power and do not do any work and give it to the proletariat (workers/students/people). The thought is that those with power are the oppressors who get there profit from such institutions, but they don't have to work because they own the institutions. This leads to mistreatment of the proletariat.
In Communism this is flipped, the workers are provided with such power and profits are shared more equally. In an Ideal Communist world the worker will do what they can and take what they need. In simple words "We all are one big tribe looking out for each other, no one is greedy and no one takes everything for themselves". This is the Communist vision.
In the current world not everyone needs to work so communism allows people to do what they think is fulfilling for them. When capitalism is thrown out there is a transitional period where most land is transferred to the state. There still is an income disparity but that disparity is given to the government in form of taxes which are collected and redistributed to the people to reduce income inequality.
Institutions like transport, banking and communication are centralised so that no single company is able to form a monopoly over such institutions.
Abolition of the Right of Inheritance means that when you die you can not pass along everything you own to your kin. This helps to make it so that everyone is born with equal chance of success.