India used to have a tax called inheritance tax 40 years ago, which meant that people had to pay some money when they inherited something from someone who passed away. The political parties called Congress and BJP have been thinking about bringing back this tax from time to time.

People are getting very upset and arguing about something that Sam Pitroda said about a tax on inheriting money or property. But this kind of tax is not a new idea in India and both the BJP and Congress have talked about it before. The Congress party is saying that they don’t have any plans to actually introduce this tax, and they even got rid of a similar tax in 1985. They are trying to calm down the arguments.

In the past, India had a tax called estate duty or “death tax” which was like an inheritance tax. But it was stopped in 1985.

In the past, some government leaders have talked about bringing back a tax called inheritance tax. It was used a long time ago to help make sure that people with a lot of money shared some of it with others. The idea of using this tax again has been supported by different politicians from different political parties.

Furthermore, it was a way to make the very wealthy pay taxes on a lot of money they wanted to give to their children.

Estate duty was a tax that had to be paid on all the stuff someone owned when they died before their family could inherit it.

A rule was made that all buildings and land, as well as all things that can be moved, whether they are in India or in another country, must pay a tax.

But many people didn’t like the tax because it was really high. If someone had a property worth more than Rs 20 lakh, they had to pay 85% of its value as tax. The tax started for properties worth at least Rs 1 lakh, and the rate was 7.5%.

They figured out how much the property was worth when the person died.

Inheritance tax was a law that made people pay money to the government when they inherited a lot of money or property from someone who passed away. The government wanted to use this money to help the country and make sure the rich didn’t have too much compared to everyone else. However, many people didn’t like this law and complained about it for a long time. Eventually, a finance minister named VP Singh decided to get rid of the law in 1985.

The law had different rules for deciding how much different things were 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 check found that the amount of money collected from estate taxes was a very small part of all the money collected from taxes by the government.

In 1984-85, the government collected Rs 20 crore as taxes from people’s inheritances. But it cost a lot of money for the government to collect those taxes.

The collection of taxes stayed small because people found ways to avoid paying them. They would hide properties they inherited or pretend they didn’t own certain properties to avoid paying taxes.

Additionally, people didn’t like having to pay two different taxes – one on their money they earned and another on the things they owned – because it felt like they were being taxed twice.

For more than ten years, some politicians in India have been talking about bringing back a tax on inherited money. The idea was first brought up by a government official named P Chidambaram in 2011. He was talking about it during a meeting with other important leaders. Chidambaram used to be in charge of money matters for the government.

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Chidambaram came up with the idea to try to get more money from taxes and help make the tax system better.

A year later, he brought up the topic again at a big meeting. Chidambaram said it was important to have a tax on the money and property that people inherit from their family when they pass away. He was worried that only a small group of people were getting really rich and having a lot of money.

“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.

In 2013, a person named Chidambaram brought back the idea of an inheritance tax. He thought that this tax could help the government make money and also help the political group he was a part of, called UPA-2.

But some important people didn’t agree with the idea of an inheritance tax, so it was never included in the budget. The topic was put on hold when Narendra Modi’s government won the 2014 elections.

In simple terms, there was a person named Jayant Sinha who was in charge of money matters for the government. He wanted to bring in a new rule called inheritance tax. This tax would make it fairer for everyone by taking away some extra advantages that rich families get when they pass down their money and businesses to their children. It would help make things more equal for everyone.

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