People are arguing a lot about something Sam Pitroda said about a tax on passing down money to family members. Both major political parties in India have talked about this idea before. The Congress party says they don’t plan to bring back this tax, and even got rid of a similar tax in the past.
An inheritance tax is when the government takes a portion of the money and property that someone leaves behind when they die. India used to have this tax, called estate duty, but it was stopped in 1985.
In the past, some people in the government suggested bringing back a tax called inheritance tax. This tax was used a long time ago to try to make sure that rich people didn’t have too much money compared to other people. One person who wanted to bring back this tax was P Chidambaram, who used to be in charge of the money for the government. Another person who liked this idea was Jayant Sinha, who also worked with the government. They thought that the government could use the money from this tax to help with important things.
In addition, it was a way to collect money from very wealthy people who gave a lot of their money 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 kids or other people they wanted to give them to.
A rule was made that all things that cannot be moved, like land, and things that can be moved, like toys, have to follow the rule in India or outside of India.
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The tax was not liked by many people because it was very high, up to 85%, for properties worth more than Rs 20 lakh. It started at 7.5% for properties worth at least Rs 1 lakh.
The value of the property was figured out by looking at how much it would sell for when the person died.
The 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 the law and thought it was unfair. After 30 years, the person in charge of the money in the country decided to get rid of the inheritance tax in 1985.
The law had different rules for deciding how much different things were worth, which made it very complicated. Because of this, there were lots of arguments in court about how much things were worth, which cost a lot of money to deal with.
An investigation showed that the money collected from the estate tax was a very small amount compared to all the other taxes collected by the government.
In 1984-85, a law called the Estate Duty Act collected Rs 20 crore as tax. But it cost a lot of money to collect that tax.
The amount of money collected became very small because people started finding ways to avoid paying the tax. They would hide properties that they inherited or pretend that someone else owned them to avoid paying the tax.
In addition, having to pay two different taxes on your money was like getting taxed twice, which made people really upset.
A long time ago, some important people in the government were talking about bringing back a tax on money that people inherit from their family members. The idea was first talked about by a person named P Chidambaram in a meeting with other important leaders. He used to be in charge of the country’s money during a previous government.
Chidambaram came up with the idea to help bring in more money through taxes and make sure the amount of taxes being collected is in line with the country’s overall economic output.
One year later, Chidambaram talked about the same issue at a big event. He said it was important to have a tax on inherited money because it’s not fair when only a few people have a lot of money.
He said that some people have a lot of money while others have very little, and he is unsure about talking about making sure everyone is treated fairly over different generations by taxing inherited money.
The idea came back in 2013 when Chidambaram presented the last big budget of the UPA-2 government. He thought that an inheritance tax could bring in money and help the UPA government reach its goals.
But not everyone in the government and people who have a say in important decisions thought that it was a good idea to have a tax on the money that people inherit. So, the idea of this tax was not included in the government’s plan for how to spend money. The idea was put aside and not talked about for a while after the Narendra Modi-led government won the elections in 2014.
That year, Jayant Sinha, who was a government official, said he thought it was a good idea to have a tax on the money people inherit from their family. He believed this would make it fairer for everyone, especially for people who start their own businesses instead of inheriting them.
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