India used to have a special tax called inheritance tax 40 years ago. The political parties Congress and BJP have also thought about bringing back this tax at different times.

There is a big argument going on in politics because of something Sam Pitroda said about having a tax on what people inherit from their family. But this idea is not new in India, and both the BJP and Congress have talked about it before. The Congress party says they don’t have any plan to bring in this tax, and actually, Rajiv Gandhi got rid of a similar tax in 1985.

India used to have a tax called estate duty or “death tax” many years ago. It was a tax that people had to pay when someone passed away and left them money or property. But this tax was gotten rid of in 1985.

In the past, some important people in the government talked about bringing back a tax called inheritance tax. This tax was there before in 1953 to help make things more fair, but it went away. Some people think it’s a good idea to bring it back to help the government get more money.

Also, it was a way to make sure that very wealthy people paid taxes on the large amount of money and property they passed down to their children.

Estate duty is like a tax that is charged on all the things someone owns when they die. The tax needs to be paid by the people who inherit those things.

This rule applies to all things that cannot be moved, like houses, and to all things that can be moved, like toys, that are in India or in another place.

But, many people didn’t like the tax because it was really high. If someone’s property was worth more than Rs 20 lakh, they had to pay 85% of that value as tax. The tax 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.

The inheritance tax was removed because it was causing disagreements and complaints from many people over the 30 years it was in place. The finance minister at the time decided to get rid of it in 1985.

The law had different rules for deciding how much different things were worth, which made it really complicated. People ended up going to court a lot because they couldn’t agree on how much something was worth. This made it cost a lot of money to keep things running smoothly.

After checking everything carefully, it was found that the amount of money collected from the estate tax was only a very small part of all the money collected from people’s taxes by the government.

In 1984-85, the government collected Rs 20 crore in taxes from the Estate Duty Act, but it cost a lot to collect that money.

The collection of money stayed small because people were finding ways to avoid paying the tax. They were hiding properties they inherited illegally, and also started buying properties in someone else’s name to avoid paying taxes.

People didn’t like having to pay two different taxes on their money because they felt like they were being taxed twice.

A long time ago, some important people in the government talked about bringing back a tax that some families have to pay when they inherit money or property. This idea was suggested by a person called P Chidambaram in a meeting with other important people. He used to be in charge of the country’s money.

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Chidambaram came up with the idea to raise more money through taxes and help make the amount of taxes collected compared to the country’s income better.

A year later, he brought up the topic again at a big event. Chidambaram said it was important to have a tax on inherited money because too many rich people were getting even richer.

Have we not noticed that some people have a lot of money while others don’t? I am still unsure about talking about fairness between different generations and whether we should have a tax on inheriting money.

In 2013, Chidambaram suggested bringing back the idea of an inheritance tax to make money for the government and help the political party he was a part of.

But not everyone in the group of leaders and important people were convinced that it was a good idea to have a tax on the money or property that someone leaves to their family when they die. So, the idea was put aside and not included in the government’s plan for spending money. This happened because a new government led by Narendra Modi won the election in 2014.

In simple terms, Jayant Sinha, who was in charge of money matters, suggested that there should be a tax on the money or things that people inherit from their family when someone passes away. He believed that this tax would make it fairer for everyone, especially those who don’t come from rich families, because it would reduce the advantages that rich families have in business.

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