People are getting very upset about something that Sam Pitroda said about taxes. He mentioned a type of tax called an inheritance tax, which is when people have to pay money on the things they inherit from their family when they pass away. But this idea is not new in India, and both the BJP and Congress have talked about it before. The Congress party said they don’t have any plans to introduce this tax, and actually, a long time ago, Rajiv Gandhi got rid of another similar tax called estate duty. They are trying to calm down all the upset people.
In the past, India had a tax called estate duty or “death tax” that people had to pay when they inherited money or property. But this tax was stopped in 1985 after being around for about four decades.
In the past, some leaders from different political parties have suggested bringing back a tax on inherited money and property. They believe this tax could help the government get more money. This tax was originally started in 1953 to make sure that rich people didn’t have too much more money than others.
It was also a way to make sure very wealthy people paid taxes on the money they passed down to their children.
Estate duty is a tax that is charged on everything that a person owned when they passed away. The tax has to be paid when their belongings are given to their family members or other people they wanted to inherit them.
A rule was made that said people had to pay taxes on all their land and belongings, no matter where they were in India or in other countries.
But many people didn’t like the tax because it was very high, especially for properties worth a lot of money. The tax started for properties worth at least a certain amount, and the rate was 7.5%.
The value of the property was determined based on how much it was worth when the person passed away.
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The tax on inheriting money or property was getting a lot of negative feedback, so the government decided to get rid of it in 1985.
The law had different rules for deciding how much different things were worth, which made it very complicated. Because of this, people disagreed a lot about how much things were worth and had to go to court. This cost a lot of money and took up a lot of time.
An examination showed that the estate tax collection was a very small amount compared to all the other taxes collected by the government.
In 1984-85, the government collected Rs 20 crore in taxes from people’s inheritance. But it cost a lot of money to collect that tax.
Not many things were collected because people found ways to avoid paying the tax. They would hide the things they inherited or own things in someone else’s name to avoid paying taxes.
In addition, people didn’t like having to pay two different taxes – one on how much money they make and another on how much money they inherit. They thought it was unfair and made them really mad.
For the past ten years, some politicians have been thinking about bringing back a tax on inheriting money or property. The idea was first brought up by a politician named P Chidambaram in a meeting with the Prime Minister in 2011. Chidambaram used to be in charge of the country’s money.
Chidambaram had come up with the idea to try and get more money from taxes and improve the ratio of taxes to the country’s overall income.
A year later, he talked about it again at an event. He said it was important to have a tax on inheriting money when he noticed that a small number of people were getting very rich.
“Have we paid little attention to the accumulation of wealth in a few hands? I’m still hesitant to talk about intergenerational equality and therefore inheritance tax,” he said.
The idea of an inheritance tax became popular again in 2013 when Chidambaram presented a budget. He believed that this tax could help the government make money and also support their political goals.
But not everyone in the group of important people and those who have a stake in the decision agreed with the idea of an inheritance tax, so it was not included in the plan for how to use the country’s money. The topic was put aside and not talked about anymore when the Narendra Modi-led government won the elections in 2014.
In the same year, a government official named Jayant Sinha suggested a new tax called inheritance tax. He thought this tax would make it fairer for everyone because it would make it harder for rich families to keep all their money and businesses in the family.
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