India introduced inheritance tax 40 years ago. Congress and the BJP have since been considering the idea

There is a big argument happening in politics about whether or not India should have a tax on inherited money. Some people are saying it’s a new idea, but actually both major political parties have talked about it before. The Congress party is now saying they don’t have any plans to bring in this tax, and they even got rid of a similar tax back in 1985.

A long time ago in India, there used to be a tax called estate duty or “death tax.” This tax was like an inheritance tax where people had to pay money when they inherited something from someone who died. But in 1985, this tax was removed and people didn’t have to pay it anymore.

In the past, some government leaders have suggested bringing back a tax on inherited wealth. This tax was first introduced in 1953 to help reduce economic inequality. Both the Congress and NDA governments have considered reintroducing this tax in order to increase government funds. Former finance ministers and other officials have supported this idea in the past.

Additionally, it was a way to take money from very wealthy people who were giving a lot of money to their children when they passed away.

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 stuff was given to their family.

This rule says that people have to pay taxes on things they own that can’t be moved, like land or buildings, and also on things they own that can be moved, like cars or furniture. It doesn’t matter if the things are in India or in another country.

But the tax made people unhappy because it was very high for certain properties that were worth a lot of money. The tax started for properties that were worth at least a certain amount of money, and the rate was a smaller percentage of the property’s value.

When the person died, they figured out how much the property was worth based on how much people would pay for it at that time.

Inheritance tax was a law that made people pay money to the government when they inherited money or property from someone who passed away. It was supposed to help the government get more money and make sure everyone had a fair share of money. But many people didn’t like this law and complained about it for 30 years. Eventually, a finance minister named VP Singh decided to get rid of the tax in 1985.

The law had different rules for deciding how much different things are worth, which made it very complicated. This caused a lot of arguing and going to court about how much things were worth. This also made it cost a lot of money to handle all the paperwork and administration.

An investigation showed that the amount of money collected from estate taxes was very small compared to all the other taxes the government collects.

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 the taxes.

People found ways to avoid paying the tax, so the amount of money collected was not very much. They would hide properties they got from their parents and also started owning properties under fake names to avoid paying taxes.

Furthermore, people didn’t like having to pay two different taxes on their money. They thought it was unfair and made them angry.

A long time ago, some important people in the government talked about bringing back a tax on the money and property that people leave behind when they pass away. This idea was first mentioned by a person called P Chidambaram in a meeting with other important leaders, like the Prime Minister. Chidambaram used to be in charge of the country’s money during a different government.

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Chidambaram came up with an idea to get more money from taxes and help make the ratio of taxes to the country’s overall money go up again.

A year later, Chidambaram brought up the topic again at a big meeting about money. He said it was important to have a tax on inheriting money and property because too much wealth is owned by only a small group of people.

He is worried that a small group of people have most of the money. He doesn’t want to talk about inheritance tax yet because it’s a complicated topic about fairness between different generations.

The idea of an inheritance tax became popular again in 2013 when Chidambaram, a government official, talked about it during a budget presentation. He believed that this tax could help the government make money and also serve their political goals.

But not everyone in the group of people who make important decisions for the country, and the people who are involved and affected by those decisions, thought that it was a good idea to have a tax on money that is passed down to family members after someone dies. So, it was never included in the plan for how the country’s money should be spent. The idea was put aside and not talked about anymore when the government led by Narendra Modi won the elections in 2014.

The following year, Jayant Sinha, who was a government official, said he wanted to put a tax on money that is passed down from parents to their children. He thought this would help make things more fair for everyone, especially for people who don’t come from wealthy families.

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