People are getting very upset about something Sam Pitroda said about a tax on inheriting money, but this idea is not new in India. Both the BJP and Congress have talked about it before. The Congress party even got rid of a similar tax in 1985. They are saying now that they don’t have any plans to bring it back.
India used to have a tax called estate duty or “death tax” that people had to pay when they inherited money or property from someone who passed away. This tax was common in India about forty years ago, but it was stopped in 1985.
In the past, some people in charge of the government talked about bringing back a tax called inheritance tax. This tax was used in the past to make sure that people with a lot of money shared it with others who didn’t have as much. They thought it would help make things more fair.
Additionally, 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 things someone owned when they died. The tax had to be paid when their belongings were given to their family members.
A responsibility was placed on all buildings and land, as well as on all objects that can be moved, whether they are in India or in another country.
However, many people did not like the tax because it was very high. If someone’s property was worth more than Rs 20 lakh, they had to pay 85% of that value in taxes. The tax started for properties worth at least Rs 1 lakh, and the tax rate was 7.5%.
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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 property or money from someone who died. It was supposed to help the government make more money and make sure everyone had a fair share of wealth. However, many people didn’t like this law and complained about it for 30 years. Eventually, in 1985, the finance minister decided to get rid of the inheritance tax.
The law had different rules for how to decide how much different things are worth, which made it really complicated. This led to a lot of arguments in court about how much things were worth, which cost a lot of money to figure out.
A study found that the amount of money collected from the estate tax was very small compared to all the other taxes collected by the government.
In 1984-85, the government collected Rs 20 crore in taxes from people’s inheritances. But it cost a lot of money for the government to collect those taxes.
Not many items were added to the collection because people found ways to avoid paying the tax. They started hiding properties they inherited illegally and also started keeping properties under other people’s names.
Also, people didn’t like the idea of having to pay two different taxes – one on their money they earned and another on their money and things they owned after they died. They thought it was unfair and made them feel upset.
A long time ago, some important people in the government talked about bringing back a tax that people have to pay when they inherit money or property from their family. This idea was first mentioned by a person called P Chidambaram in a meeting with other important leaders. He used to be in charge of money matters for the government.
Chidambaram had suggested an idea to get more money from taxes and help increase the ratio of taxes to the country’s total income.
One year later, he talked about it again at a big meeting. Chidambaram said it was important to have a tax on inheriting money when only a few people have a lot of wealth.
He said that we haven’t focused enough on how some people have a lot of money, and he’s still unsure about talking about passing down money to the next generation.
The idea of an inheritance tax became popular again in 2013, when Chidambaram presented a plan for it in the government’s budget. He believed that this tax could bring in money for the government and also help with their political goals.
But not everyone in the group of important decision-makers and people who are involved in this decision thought it was a good idea to have a tax on the money or property that someone leaves behind when they die. So, the idea was not included in the government’s plan for how to spend money. Instead, they decided to wait and not do anything about it after a new government was elected in 2014.
In simple terms, there was a person named Jayant Sinha who was a government official. He suggested that there should be a special tax on the money that people inherit from their family members when they pass away. This tax would make it fairer for everyone and make it harder for rich families to have too many advantages over others in the business world.
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