People are getting very angry and upset about something Sam Pitroda said about a tax called an inheritance tax. But actually, this kind of tax has been talked about before by both the BJP and Congress in India. The Congress party is saying that they don’t have any plans to introduce this tax and that it was actually abolished by Rajiv Gandhi in 1985. They are trying to calm down the situation.
In the past, India used to have a tax called inheritance tax or estate duty, which was like a “death tax” in other countries. This tax was in place for about 40 years before it was removed in 1985.
Both the previous government led by Congress and the current government led by NDA have suggested bringing back a tax on inherited wealth. This tax was first introduced in 1953 to help reduce the gap between rich and poor. Former finance minister P Chidambaram and former Minister of State for Finance Jayant Sinha have both supported the idea of reinstating this tax in recent years.
Additionally, it was a way to collect money from really rich people who gave a lot of their money to their kids.
In easy words, estate duty was a tax on all the stuff someone owned when they died. The tax had to be paid when their things were given to their family.
All things that cannot move, like land and buildings, and all things that can move, like objects and belongings, were required to follow a rule in India and even outside of India.
The people didn’t like the tax because it was very high, up to 85% for expensive properties over a certain value. The tax started at 7.5% for properties worth at least a certain amount.
The value of the property was figured out based on how much it was worth when the person passed away.
They got rid of inheritance tax because people didn’t like it and it wasn’t bringing in as much money as they thought it would. The finance minister decided to stop it in 1985.
The law had different rules for deciding how much different things were worth, which made it very complicated. This caused a lot of arguments in court about how much things were worth, and it cost a lot of money to figure it all out.
A review showed that the amount of money collected from people’s estates when they die was a very small part of all the money collected in taxes by the government.
In 1984-85, the government collected Rs 20 crore as tax under a law called Estate Duty Act. But it cost a lot of money to collect that tax.
Not many people gave their things to be collected because they found ways to not pay the tax. Some people even hid their inherited things and pretended they didn’t own them.
Furthermore, people didn’t like the idea of having to pay two different taxes, one on their money they earned and one on their money they inherited after someone passed away. This made them feel like they were being taxed twice, which made them upset.
A long time ago, some important people in the government talked about making a rule where people would have to pay a tax on the money or property they inherit from their family when they pass away. This idea came up again recently after not being talked about for a while.
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Chidambaram had suggested an idea to collect more money in taxes and improve the ratio of taxes to the country’s total income, which was getting lower.
A year later, he talked about it again at a big meeting. Chidambaram said it was really important to have a tax on inheriting money when only a few people have a lot of money.
“Are we paying too little attention to the accumulation of wealth in the hands of a few? I’m still hesitant to talk about intergenerational equity and estate taxes,” he said.
The idea of an inheritance tax came back in 2013, when Chidambaram presented a plan for how the government could collect money from people who inherit a lot of money or property. He thought this tax could help the government make more money and also support the goals of the UPA government.
But not everyone in the group of people who make important decisions for the country, as well as other people who have a stake in these decisions, agreed with the idea of a tax on money or property that is inherited from family members. So, the idea was not included in the plan for how the country’s money should be spent. Instead, the idea was put aside and not talked about anymore when the government, led by Narendra Modi, won the elections in 2014.
In simple terms, there was a person named Jayant Sinha who was a leader in the government. He wanted to create a new rule called inheritance tax. This rule would mean that when rich people pass away, their children would have to pay some money to the government. Sinha believed that this would make things fairer because it would make it harder for wealthy families to keep all their money and businesses in the family.
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