India had a tax on the money and property that people pass down to their family members 40 years ago. Both the Congress and BJP political parties have thought about bringing back this tax at different times.

There is a big argument happening in politics because Sam Pitroda suggested that India should have a tax on inherited money, like they do in the United States. But this idea is not new in India, as both the BJP and Congress have talked about it before. The Congress party clarified that they have no plans to bring in this tax, and actually, Rajiv Gandhi got rid of a similar tax in 1985.

A long time ago in India, there used to be a tax called an inheritance tax. It was also called estate duty or “death tax” in some other places. This tax meant that when someone died and left behind money or property for their family, the government would take a portion of it as tax. However, this tax was removed in 1985 and is not there anymore.

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A long time ago, the government created a tax called inheritance tax to help make things more fair. This tax made people who inherited a lot of money or property give some of it back to the government. But then, the tax went away for a while. Recently, some important people in the government have talked about bringing the tax back again. They think it could help the government get more money.

Furthermore, it was also a way to make sure that very wealthy people paid taxes on the money and property they passed down 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 family.

This rule says that all things you can’t move, like buildings, and things you can move, like toys, have to follow the same rule in India or anywhere else.

But many people didn’t like the tax because it was really high, especially for expensive properties. For example, if a property was worth more than Rs 20 lakh, the tax rate could be as high as 85%. 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.

Inheritance tax was a law that made people pay money to the government when they inherited money or things from someone who passed away. It was supposed to help the government make more money and make things more fair for everyone. But a lot of people didn’t like this law and thought it was unfair. After 30 years, the person in charge of the money for the government decided to get rid of the inheritance tax in 1985.

The rules about how much things are worth can be different depending on what they are. This makes the law about it really complicated. Because of this, people often argue in court about how much something is worth. This can be expensive and takes up a lot of time.

An examination showed that the money collected from the estate tax was a very small amount compared to all the other taxes the government collected.

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

The amount of money collected from the tax stayed small because people found ways to avoid paying it. Some people hid the properties they inherited, and others started owning properties in other people’s names to keep them a secret.

In addition, having to pay a tax on your money and then another tax on your belongings after you die made people really mad.

A long time ago, some important people in the government talked about bringing back a tax on money and property that people inherit from their family members. They first mentioned this idea in a meeting in 2011, and one of the people who talked about it was the finance minister at that time.

Chidambaram came up with a plan to help collect more taxes and make sure the amount of taxes we collect is a good proportion compared to how much money our country makes.

A year later, he brought up the topic again at a big meeting. Chidambaram said it was really important to have a tax on the money people inherit from their family when they pass away. He was worried that only a few people were getting really rich and that wasn’t fair.

Have we not noticed that only a few people have a lot of money? I am still unsure about talking about fairness between different generations and taxing inheritance.

The idea of an inheritance tax became popular again in 2013, when Chidambaram presented a plan for the government’s budget. Chidambaram believed that this tax could bring in money for the government and also help with their political goals.

But not everyone in the Cabinet and other important people agreed with having a tax on the money people inherit, so it didn’t end up being included in the government’s budget. The topic was put aside and not talked about anymore when Narendra Modi and his government won the elections in 2014.

In simple terms, there was a person named Jayant Sinha who worked for the government and thought it would be a good idea to have a special tax called inheritance tax. This tax would make it fairer for everyone when it comes to passing down money and businesses to their children. It would help make sure that some people don’t have an unfair advantage just because their family is rich.

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