India used to have a tax on inherited money 40 years ago. The idea of bringing back this tax has been considered by both the Congress and the BJP parties.

People are arguing a lot about something Sam Pitroda said about taxes. But the idea of taxing money that people inherit from their family is not new in India, and both the BJP and Congress have talked about it before. The Congress party said they don’t actually have a plan to do it, and even in the past, Rajiv Gandhi got rid of a similar tax in 1985.

In the past, India had 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 stopped in 1985.

In the past, some government leaders thought about bringing back a tax called the inheritance tax. This tax was used a long time ago to help make things more fair for everyone. One leader named P Chidambaram talked about bringing back the tax to help the government get more money. Another leader named Jayant Sinha also liked the idea of the tax. They thought it could help make things more equal for people who have a lot of money and people who don’t have as much.

Additionally, it was a way to make the very rich people pay taxes on the big amount of money they give to their kids when they pass away.

Estate duty was a tax that had to be paid on all the money and things a person owned when they died. The tax had to be paid before their belongings could be given to their family.

All things that cannot be moved, like land and buildings, and all things that can be moved, like cars and furniture, had to follow this rule in India and also in other places.

The tax made people unhappy because it was too high. People had to pay up to 85% of their property’s value if it was worth more than Rs 20 lakh. The tax started at 7.5% for properties worth at least Rs 1 lakh.

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

The government used to have a tax called inheritance tax that people had to pay when they inherited money or property from someone who died. This tax was supposed to help the government get more money and make things fairer for everyone. But lots of people didn’t like this tax and thought it was unfair. After 30 years, the government decided to get rid of the tax in 1985 because of all the criticism and opposition. The finance minister at that time, VP Singh, made the decision to abolish the tax.

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The law had different rules for deciding how much different things were worth, which made it very complicated. This caused a lot of arguments and lawsuits about how much things were worth, which ended up costing a lot of money to handle.

An investigation found that only a tiny amount of money was collected from the estate tax compared to all the other taxes collected by the government.

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

The collection of tax money became very small because people found ways to avoid paying it. They would hide properties they inherited and also pretend to own other properties that were not really theirs.

Furthermore, people didn’t like the idea of having to pay two different taxes – one on what they earned and another on what they inherited – because it felt like they were being taxed twice.

For a long time, some politicians have been talking about bringing back a tax on the money or property that people inherit from their family members. This idea was first brought up by a government official named P Chidambaram in 2011, when he was talking to other important leaders.

Chidambaram came up with the idea to try and get more money through taxes and help make the ratio of taxes to the country’s overall economy better, because it was going down.

A year later, he brought up the topic again at a big event. Chidambaram said it was important to have a tax on inheriting money or property because some people were getting really rich and keeping all the money to themselves.

Have we noticed that some people have a lot of money, while others have very little? I’m still not sure if we should talk about being fair to future generations by taxing money that is passed down from parents to children.

The idea of an inheritance tax came back in 2013 when Chidambaram presented a budget for the government. He thought that this tax could help the government make money and also align with the goals of the UPA political party.

But not everyone in the group of important decision makers and people who would be affected by the tax agreed that it was a good idea, so it was never included in the government’s plans. The idea was put on hold when the Narendra Modi-led government won the elections in 2014.

In simple words, there was a person named Jayant Sinha who was in charge of money matters for the government. He wanted to create a new tax called inheritance tax. This tax would make it fair for everyone by reducing the special advantages that rich families pass down to their children. It would make sure that everyone starts with an equal chance to succeed.

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