People are arguing a lot about something Sam Pitroda said about a tax that is similar to the one in the US. But actually, the idea of this tax is not new in India and both the BJP and Congress have talked about it before. The Congress party said they have no plans to introduce this tax and even got rid of a similar tax in 1985.
A long time ago in India, there used to be a tax called estate duty or “death tax” that people had to pay when they inherited money or property from someone who passed away. But in 1985, the government got rid of this tax.
In the past, both the Congress-led UPA government and the NDA government have talked about bringing back a tax called the inheritance tax. This tax was first introduced in 1953 to help make sure that wealth was shared more fairly among people. Former finance minister P Chidambaram and former Minister of State for Finance Jayant Sinha have supported the idea of bringing back this tax in order to help the government get more money.
This was also a way to make the very wealthy people pay some of their money to the government before passing it on to their children.
Estate duty is a tax that people have to pay when they die and pass on their property to their family. The tax is based on how much the property is worth.
This rule applies to all things that can’t be moved, like land, as well as things that can be moved, like toys, that are in India or somewhere else.
But, many people didn’t like the tax because it was really high. If someone owned a property that was worth more than Rs 20 lakh, they had to pay 85% of its value as tax. The tax started for properties that were worth at least Rs 1 lakh, and the rate was 7.5%.
The value of the property was figured out based on how much it was worth when the person died.
Inheritance tax was a law that made people pay money to the government when they inherited money or property from someone who passed away. It was supposed to help the government get more money and make things more fair for everyone. But a lot of people didn’t like it and complained about it for 30 years. Eventually, a finance minister named VP Singh decided to get rid of the tax in 1985.
The law had different rules for deciding how much different things were worth, which made it really confusing. Because of this, there were a lot of arguments in court about how much things were worth, which cost a lot of money to figure out.
An investigation found that the amount of money collected from estate taxes was only a very small part of all the money collected by the government in taxes.
In 1984-85, the government collected Rs 20 crore in taxes from people’s estates. But it cost a lot of money to collect that tax.
People found ways to avoid paying the tax by hiding the properties they inherited or by pretending that someone else owned the properties. This made the collection of tax money very small.
People didn’t like having to pay an extra tax on their money and belongings because they thought it was unfair.
Many years ago, some important people in the government thought about bringing back a tax on the money and property that people inherit from their family members. This idea has been talked about for a long time, with some politicians suggesting it as a way to raise money for the country.
Chidambaram had suggested this idea to try and get more money from taxes and improve the ratio of taxes to the country’s total income.
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A year later, he talked about it again at a big meeting about money. Chidambaram said it was important to have a tax on passing down money from one generation to the next, because too much money was ending up with just a few people.
He was saying that some people have a lot of money while others don’t have much. He is unsure about talking about giving money to future generations through inheritance tax.
In 2013, Chidambaram suggested bringing back the idea of an inheritance tax to make money for the government and help the political party he was a part of.
However, some people in charge and others who were involved were not sure if an inheritance tax was a good idea, so it was not included in the government’s budget. The issue was put on hold when Narendra Modi and his party won the 2014 elections.
In simple terms, there was a person named Jayant Sinha who was in charge of money matters for the government. He wanted to introduce a new tax called inheritance tax. This tax would make it fairer for everyone because it would take away some special advantages that rich families have when they pass down their businesses to their children. It would make the business world a more level playing field for everyone to compete on.
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