People are getting very upset over something Sam Pitroda said about an “inheritance tax” that is similar to what they have in the United States. But actually, the idea of an inheritance tax is not new in India, and both the BJP and Congress have talked about it before. The Congress party is saying that they don’t have any plans to introduce this tax, and they even got rid of a similar tax back in 1985.
India used to have a tax called estate duty or “death tax” a long time ago. This tax was paid when someone passed away and left their belongings to their family. However, this tax was stopped in 1985 and is no longer in place.
In the past, some politicians suggested bringing back a tax on inheriting money or property. This tax was first introduced in 1953 to help make sure that wealth was shared more evenly among people. Some politicians thought that bringing back this tax could help the government get more money to use for important things.
Additionally, it was a way to collect money from really wealthy people who give a lot of their money to their children.
In easy words, estate duty was a tax on all the stuff a person owned when they died. Their family had to pay the tax when they inherited the stuff.
A tax was placed on all buildings and land, as well as on any objects that can be moved, whether they are in India or in another country.
The tax was not liked by many people because it was really high, especially for properties worth more than Rs 20 lakh. It started at 7.5% for properties worth at least Rs 1 lakh.
The value of everything the person owned was figured out based on how much people were willing to pay for it when they died.
The government used to have a tax called inheritance tax to make more money and make sure everyone had a fair amount of money. But lots of people didn’t like it and complained about it for 30 years. Eventually, the finance minister decided to get rid of the tax in 1985.
The law had different rules for how much different types of things were worth, which made it very complicated. This led to a lot of arguments in court about how much things were worth, which cost a lot of money to deal with.
An examination showed that the amount of money collected from estate taxes was very small compared to all the other taxes collected by the government.
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In 1984-85, the government collected Rs 20 crore in taxes from people’s inheritance. But it cost a lot of money to collect that tax.
The amount of money collected from the tax was very small because people started finding ways to avoid paying it. They would hide the properties they inherited from their family, which is against the law, and they would also buy properties under someone else’s name to avoid paying taxes on them.
In addition, people didn’t like that they had to pay two different taxes – one on the money they earned and another one on the money they inherited. They thought this was unfair and made them feel upset.
A long time ago, some important people in the government talked about bringing back a tax on the money and property that people inherit from their family members when they pass away. This idea was first brought up by a man named P Chidambaram in 2011, when he was in charge of the country’s money.
Chidambaram had suggested the idea to try to get more money through taxes and improve the amount of taxes compared to how much money the country makes.
One year later, he talked about it again at an event. He said it was important to have a tax on inheriting money because some people have too much wealth.
“Have we paid little attention to the accumulation of wealth in a few hands? I’m still hesitant to talk about intergenerational equality and therefore inheritance tax,” he said.
In 2013, a man named Chidambaram thought it was a good idea to bring back a tax that had not been used for a while. He believed that this tax could help the government make money and also help his political party.
But not everyone in the group of important decision-makers and people who would be affected by the tax thought it was a good idea, so it was never included in the government’s financial plan. The idea was put on hold when Narendra Modi’s government won the 2014 national elections.
In the same year, Jayant Sinha, who was a government official, spoke out about wanting to create a tax on money passed down through families when someone dies. He thought this tax would make it fairer for everyone, not just rich families who pass down their businesses to their kids.
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