There is a big argument happening in politics because of something Sam Pitroda said about an inheritance tax. But actually, the idea of an inheritance tax is not new in India and both the BJP and Congress parties have talked about it before. The Congress party said they don’t have any plans to bring in an inheritance tax, and they even got rid of a similar tax back in 1985.
In the past, India had a tax called estate duty or “death tax” that people had to pay when they inherited money or property from someone who passed away. This tax was common until it was stopped in 1985.
Since then, both the previous government and the current government have talked about possibly bringing back a tax called inheritance tax. In the past, a former finance minister and a former minister of state for finance have supported the idea. This tax was used in the past to try to make things more fair by reducing the difference in wealth between rich and poor people.
In addition, it was also a way to make the very wealthy pay taxes on the large amount of money they passed down to their children.
Estate duty is a tax that people have to pay on all the things they own when they die. The tax needs to be paid when their things are given to their family members after they pass away.
All property, whether it’s a building or something you can move around, in India or other countries, had to follow certain rules.
But many people didn’t like the tax because it was really high, sometimes as much as 85% of the value of expensive properties. The tax started for properties worth at least Rs 1 lakh, and the rate was 7.5% of the property’s value.
The value of the property was figured out 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 property or money. It was supposed to help the government make more money and make sure that rich people didn’t have too much more money than everyone else. But lots of people didn’t like the tax, and after 30 years, the government decided to get rid of it in 1985. This was because the tax was causing a lot of problems and complaints.
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, and it cost a lot of money to sort everything out.
An investigation found that the amount of money collected from the estate tax 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 assets when they passed away. But it cost a lot of money to collect those taxes.
Not many things were being collected because people were finding ways to avoid paying taxes. Some people were hiding inherited properties, and others were buying properties in someone else’s name to avoid taxes.
People didn’t like the idea of having to pay two different taxes on their money, so they were unhappy about the estate tax on top of the income tax.
The government is thinking about bringing back a tax that you have to pay when someone gives you money or property after they die. They first talked about this idea in 2011, and it has been discussed by different political parties since then.
Chidambaram suggested the idea to collect more taxes and help increase the amount of taxes compared to the country’s total income.
A year later, he talked about it again at a special meeting. Chidambaram said it was important to have a tax on inheriting money when only a few people have a lot of wealth.
“Have we paid so little attention to the accumulation of wealth in the hands of a few? I’m still hesitant to talk about intergenerational equity and, by extension, inheritance tax,” he said. .
The idea came back in 2013, when Chidambaram presented the last big budget of the UPA-2 government. Chidambaram thought that a special tax on inherited money could help the government make more money and also make people happy with the UPA government.
But not everyone in the group of people who make important decisions and the people who are affected by those decisions agreed with the idea of a tax on money that is inherited from family members. So, the idea was not included in the government’s plan for how to use money. Instead, it was set aside and not talked about for a while because a different group of people won an important election in 2014.
In simpler terms, there was a person named Jayant Sinha who was in charge of money matters in the government. He wanted to introduce a rule where people had to pay a tax on the money or property they inherit from their family. He believed that this would make things fair for everyone and not give some families an unfair advantage in business.
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