India had a tax on money and property passed down from family members 40 years ago. Both the Congress and BJP political parties have thought about bringing back this tax since then.

There is a big argument going on in politics because someone named Sam Pitroda suggested that India should have a tax on inherited money, like they do in the United States. But actually, the idea of an inheritance tax is not new in India, and both the BJP and Congress parties have talked about it before. The Congress party wants to make it clear that they do not have any plans to bring back this tax. In fact, a long time ago in 1985, Rajiv Gandhi got rid of a similar tax called estate duty.

An inheritance tax used to be in place in India around 40 years ago, but it was removed in 1985. This tax, also called estate duty or “death tax” in other countries, is a tax that people have to pay on the money or property they inherit when someone dies.

In the past, some government officials have thought about bringing back a tax called inheritance tax. This tax was meant to make sure that people with a lot of money couldn’t pass it all down to their children, which could make the gap between rich and poor people even bigger. They introduced this tax in 1953, but it was later removed. Now, some politicians are thinking about bringing it back to help the government get more money.

Additionally, it was a way to collect money from really wealthy people who gave a lot of their money to their kids and grandkids.

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Estate duty is like a tax that is charged when someone passes away and leaves behind their belongings. The tax is paid by the people who receive the belongings after the person has died.

All things that cannot move like land and buildings, and all things that can move like cars and toys, have to follow certain rules. These rules apply to things in India and things in other places too.

The tax was not liked by many people because it was very high. It started at 7.5% for properties worth at least Rs 1 lakh, but could go up to 85% for properties worth more than Rs 20 lakh.

The value of the property was figured out based on how much it would sell for when the person who owned it died.

The inheritance tax was a law that was supposed to help the government get more money and make things more fair for everyone. But a lot of people didn’t like it and thought it was unfair. After 30 years, the person in charge of the money decided to get rid of the tax.

The law had different rules for deciding how much different things are worth. This made the law very complicated. People disagreed a lot about how much things were worth, so they had to go to court a lot. This cost a lot of money and time.

After checking, they found out that the amount of money collected from the estate tax was not very much compared to all the other taxes the government collects.

In 1984-85, the government collected Rs 20 crore in taxes from a law called the Estate Duty Act. But it cost a lot of money to collect these taxes.

The amount of money collected was not very much because people found ways to avoid paying the tax. They would hide properties that they inherited illegally, and they also started keeping properties in other people’s names to avoid paying tax on them.

In addition, having to pay both income tax and estate tax was like being taxed twice, which made people really mad.

The government has been thinking about bringing back a tax on the money or property that parents pass down to their children for more than ten years. The idea first came up in a meeting with important leaders in 2011.

Chidambaram came up with the idea to try to get more money from taxes to help make the economy stronger.

A year later, he brought up the topic again at a special event. Chidambaram said it was very important to have a tax on the money people inherit from their family, because some people have a lot of money and it is not fair.

Have we not been paying enough attention to some people having a lot of money? I am still unsure about talking about fairness between generations and whether we should tax inheritance.

In 2013, a person named Chidambaram brought back the idea of an inheritance tax. He thought that this tax could bring in money for the government and also help the political goals of the UPA-2 government.

But not everyone in the group of important decision-makers and people affected by the decision believed that it was a good idea to tax the money someone inherits when a family member dies. So, the idea was never included in the government’s plan for how to spend money. The topic was put on hold when Prime Minister Narendra Modi’s government won the 2014 elections.

In the same year, Jayant Sinha, who was a government official, supported the idea of introducing a tax on money and property that gets passed down in families. He thought this tax would make it fair for everyone, not just people who inherit businesses from their families.

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