There is a big argument happening in politics because Sam Pitroda talked about having a tax in India that is similar to the one in the US where people have to pay money on the property they inherit. Both the BJP and Congress have suggested this type of tax before. The Congress party says they have no plans to bring in this tax and actually got rid of a similar tax in the past.
A long time ago in India, there used to be a tax called an inheritance tax. It was also called estate duty or “death tax” in some places. This tax meant that when someone passed away, their family would have to pay some money to the government. But after a while, in 1985, the government decided to stop this tax and it no longer exists in India.
In the past, the government thought about bringing back a tax called inheritance tax. This tax would be on the money and property that people inherit when someone in their family passes away. Some important people in the government, like former finance minister P Chidambaram and former Minister of State for Finance Jayant Sinha, liked this idea and talked about it. The inheritance tax used to exist a long time ago, in 1953, because the government noticed that some people had a lot more money and things than others. They wanted to make things more fair, so they made this tax.
Additionally, it was a way to make the very wealthy pay taxes on the large amount of money they leave to their children.
Estate duty was a tax that had to be paid on all the things someone owned when they died. The tax had to be paid when those things were given to their family members.
This rule applies to all buildings and land, as well as any objects that can be moved, no matter if they are in India or in another country.
The tax was not liked by the people because it was very high, especially for expensive properties. It started for properties worth at least Rs 1 lakh, with a rate of 7.5%.
The value of the property was determined based on how much it was worth when the person passed away.
Inheritance tax was a law that made people pay money to the government when they inherited money or property from someone who died. It was meant to help the government get more money and make things more fair for everyone. But a lot of people didn’t like this law and thought it was unfair. After 30 years, the person in charge of the money for the government decided to get rid of the law in 1985.
The law had different rules for deciding how much different types of things are worth, which made it hard to understand. This caused 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 money collected from the estate tax was only a very small amount compared to all the other taxes collected 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 tax.
The collection of taxes got smaller because people were finding sneaky ways to not pay. They were hiding the properties they inherited and pretending they weren’t actually theirs.
Furthermore, people didn’t like the idea of paying two different types of taxes – one on the money they earned and another on the things they owned after they passed away. They thought it was unfair and made them feel frustrated.
A long time ago, some important people in the government talked about bringing back a tax on the money and property that children inherit from their parents. This idea has been talked about for a while, with one person suggesting it in 2011 during a meeting with the Prime Minister.
Chidambaram had suggested this idea to try and get more money from taxes and make the ratio of taxes to the country’s money go up again.
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One year later, he brought up the topic again at a meeting about money and taxes. Chidambaram said it was important to have a tax on passing down wealth to help prevent a few people from having a lot of money.
He said that we haven’t been paying enough attention to how some people have a lot of money, and he doesn’t want to talk about passing down money to future generations through inheritance tax.
In 2013, Chidambaram suggested bringing back the idea of an inheritance tax during a presentation of the UPA-2 government’s budget. He thought that this tax could help the government make money and also support their political goals.
But some people in the government and other important people didn’t think it was a good idea to have a tax on the money people inherit from their family. So, it didn’t become a law and was put aside. This happened when the Narendra Modi-led government won the elections in 2014.
In the same year, Jayant Sinha, who was a government official, said he wanted to bring in a tax on passing down money and property to family members after someone dies. He thought this tax would help make things fairer for everyone and not give special advantages to people who inherit money from their families.
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