There is a big argument happening in politics over something Sam Pitroda said about an inheritance tax. But this idea is not new in India, as both the BJP and Congress have talked about it before. The Congress party says they don’t have any plans to bring back an inheritance tax, and even got rid of a similar tax in the past.
A long time ago in India, there used to be a tax called estate duty or “death tax” where people had to pay money from the property they inherited when someone passed away. This tax was stopped in 1985.
In the past, the government has talked about bringing back a tax on inheriting money or property. This tax was first introduced in 1953 to help make sure everyone had a fair amount of money. Some politicians have suggested bringing back this tax to help the government get more money.
It was also a way to make rich people pay taxes on the big amount of money they give to their children.
In easy words, when someone passes away, they might have some valuable things, like a house or money. The government charges a tax on all the valuable things that person had, and this tax has to be paid when those valuable things are given to their family or friends.
All things that cannot be moved, like houses and land, and all things that can be moved, like cars and toys, were required to follow certain rules in India and other places.
The tax made people unhappy because it was very high, especially for expensive properties. It started for properties worth at least Rs 1 lakh and the rate was 7.5%.
The value of all the things the person owned was figured out based on how much those things would be worth if they were sold when the person died.
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Inheritance tax was a law that made people pay money to the government when they inherited a lot of money or property from someone who passed away. It was supposed to help the government have more money and make things more fair for everyone. But, many people didn’t like this law and thought it was unfair. After 30 years, a finance minister named VP Singh decided to get rid of the law because of all the criticism and opposition it received.
The rules about how much things are worth were different for different types of things, which made the law complicated. Because of this, people had a lot of arguments in court about how much things were worth, and it cost a lot of money to handle all of these arguments.
After checking everything, it was found that the amount of money collected from the estate tax was a very tiny part of all the money collected as taxes by the government.
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 money.
The collection of taxes stayed small because people were finding ways to avoid paying them. They were hiding the properties they inherited illegally, and some were also pretending to own properties that actually belonged to someone else.
In addition, people didn’t like having to pay two different taxes on their money because they thought it was unfair.
For a long time, politicians from different parties have been thinking about bringing back a tax on the money and property that people inherit from their family members. This idea was first talked about by a person named P Chidambaram in 2011, when he was the finance minister in the government. It was discussed during a meeting chaired by the Prime Minister at that time, Manmohan Singh.
Chidambaram came up with an idea to try and get more money from taxes and help the ratio of taxes to the country’s overall money go up.
A year later, he talked about it again at a big meeting about money. Chidambaram said it was really important to have a tax on inherited money because some people have a lot of money and it’s not fair.
He said that some people have a lot of money while others don’t have as much. He is unsure about talking about how wealth should be passed down to future generations.
The idea of inheritance tax became popular again in 2013, when Chidambaram presented the last complete Budget of the UPA-2 government. Chidambaram believed that this tax could bring in money for the government and also help the UPA achieve their political goals.
However, some people in the government and other important groups didn’t think an inheritance tax was a good idea, so it wasn’t included in the budget. The idea was put on hold when Narendra Modi’s government won the 2014 elections.
In simpler terms, there was a person named Jayant Sinha who wanted to introduce a tax called inheritance tax. He believed that this tax would make things fair for everyone by taking away some advantages that rich families have when passing down their businesses to their children. It would help make the rules equal for everyone.
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