There is a big argument happening in politics because of something Sam Pitroda said about a tax on money and property inherited from parents. But this idea is not new in India, and both the BJP and Congress parties have talked about it before. The Congress party says they don’t actually plan to have this tax and that Rajiv Gandhi got rid of a similar tax in 1985. They are trying to calm down the argument.
A long time ago in India, there was a tax called an inheritance tax. It was a tax that people had to pay when someone passed away and left them money or property. This tax was abolished in 1985, which means it was no longer required to be paid.
Both the old government and the current government have talked about bringing back a tax on inherited money. This tax was first introduced in 1953 to help make wealth more equal. Former finance ministers from different parties have supported the idea of bringing back this tax to help the government get more money.
Additionally, it was a way to collect money from very wealthy people who gave a lot of their money to their children and grandchildren.
In easy words, when a person passes away, they might have to pay a tax on all the things they owned. This tax has to be paid when their things are given to their children or other family members.
All types of property, like houses and land in India or other countries, have to follow the rules.
The tax upset people because it was very high, with some properties being taxed at 85% if they were worth more than Rs 20 lakh. The tax started at 7.5% for properties valued at least Rs 1 lakh.
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 from someone who passed away. It was meant to help the government make more money and make sure rich people didn’t have too much money. But many people didn’t like this law and complained about it for 30 years. Eventually, the government decided to get rid of the tax in 1985 because of all the criticism.
The law had different rules for deciding how much different types of things were worth, which made it really complicated. Because of this, there were a lot of arguments in court about how much things were worth. This cost a lot of money to deal with.
After checking, it was 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 inheritances. But it cost a lot of money to collect those taxes.
People found ways to avoid paying the tax by hiding the things they inherited or secretly owning property under someone else’s name. This made the collection of taxes very small.
In addition, people didn’t like having to pay two different taxes on their money – one for what they earned and another for what they inherited – because it felt like they were being taxed twice.
The government has been talking about bringing back a tax on the money people inherit from their parents or relatives for more than ten years. The first person to suggest this was P Chidambaram, who was in charge of the country’s money during the first four years of a previous government. He mentioned it during a meeting with other important people in the government.
Chidambaram had suggested the idea to try to get more money through taxes and help the ratio of taxes to the country’s total earnings that was going down.
A year later, he talked about it again at a special meeting. Chidambaram said it was important to have a tax on inherited money because some people have too much money and it’s not fair.
He said that we haven’t paid enough attention to a small group of people having a lot of money. He’s not sure about talking about fairness between different generations and whether there should be a tax on inheriting money.
The idea of an inheritance tax came back in 2013 when Chidambaram presented the last full Budget of the UPA-2 government. Chidambaram thought that an inheritance tax could make money for the government and also help the UPA achieve its goals.
But not everyone in the group of important people called the Cabinet, as well as other important people who are involved, agreed with the idea of having a tax on the money and property that people inherit when someone in their family dies. So, the idea was not included in the plan for how the government would spend money. The matter was set aside and not talked about anymore when the Narendra Modi-led government won the elections in 2014.
In the same year, Jayant Sinha, who was a government official, said he wanted to bring in a tax on money that is passed down from parents to their children when they die. He thought this tax would make it fairer for everyone to start their own businesses and not just rely on their family’s money.
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