A big argument started over Sam Pitroda saying India should have a tax on inheriting money, like they do in the US. But actually, India has considered this kind of tax before, and both the BJP and Congress parties have talked about it. The Congress party says they don’t have any plans to bring in this tax, and in fact, they got rid of a similar tax in 1985.
A long time ago in India, there used to be a tax called inheritance tax. This tax was also called estate duty or “death tax” in some places. It meant that when someone passed away and left their money or property to their family, the government would take a part of it as tax. But this tax was stopped in 1985 and is no longer in place.
In the past, some leaders in the government talked about bringing back a tax on inheriting money or property. They thought it could help the government get more money. This tax used to exist a long time ago because the government wanted to make sure that rich and poor people had a more equal amount of money.
Additionally, it was a way to make the very wealthy people pay taxes on the large amount of money they were giving to their children.
In easy words, estate duty was a tax on all the stuff a person owned when they died. The tax had to be paid when their things were given to their family.
All types of property, like land and buildings, and things that can be moved, like furniture and toys, were required to follow certain rules in India and even in other places.
The tax was not liked by many people because it was too high. If a property was worth more than Rs 20 lakh, the tax could be as much as 85%. It started for properties 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 property or money from someone who died. It was meant to help the government get more money and make things more fair for everyone. But many people didn’t like this law and complained about it for 30 years. Eventually, a finance minister named VP Singh decided to get rid of the tax in 1985 because of all the criticism.
The law had different rules for deciding how much different things were worth, which made it very complicated. This caused a lot of arguing in court about how much things were worth. As a result, it cost a lot of money to deal with all the arguing.
The audit showed that the amount of money collected from estate taxes was a very small part of all the money the government collects as 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.
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The amount of things people were giving for the tax didn’t grow because people were finding ways to not pay. They were hiding things they inherited and buying things in other people’s names to avoid the tax.
Furthermore, people didn’t like having to pay two different taxes on their money because they felt like they were being taxed twice.
The government has been discussing the possibility of bringing back a tax on the money and property that people leave behind when they die. This idea has been talked about for more than ten years. One of the first people to mention it was a government minister in 2011. They were talking about it during a meeting with other important government officials.
Chidambaram came up with an idea to get more money through taxes and help make the ratio of taxes to the country’s income better.
A year later, he brought up the topic again at a meeting. Chidambaram said it was important to have a tax on inheriting money and property because too much wealth was being held by only a few people.
Have we not noticed that some people have a lot of money and others don’t? I am still unsure about talking about fairness between different generations and whether we should tax inheritance.
The idea of an inheritance tax came back in 2013 when Chidambaram presented a plan for the government. Chidambaram thought that this tax could help the government make money and also meet their political goals.
But not everyone in the government and people who would be affected by the tax thought it was a good idea, so it didn’t become a part of the budget. Instead, it was put on hold when the Narendra Modi-led government won the elections in 2014.
In the same year, a person named Jayant Sinha, who was in charge of money matters, talked openly about a new tax called inheritance tax. He believed that this tax would make things fairer for everyone by taking away some advantages that rich families have when it comes to running businesses. It would help make sure that everyone has an equal chance to succeed.
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