India used to have a rule where people had to pay taxes on the money or things they inherited from their family around 40 years ago. The political parties Congress and BJP have thought about bringing back this rule again at different times.

People are getting very upset about something that Sam Pitroda said about a tax called an inheritance tax. But this is not a new idea in India, and both the BJP and Congress have talked about it before. The Congress party says they do not have any plans to introduce this tax, and actually, a previous leader named Rajiv Gandhi got rid of a similar tax in 1985.

A long time ago in India, there used to be a tax called inheritance tax. It was a tax that people had to pay when someone passed away and left them money or property. Some other countries also had this tax, and they called it estate duty or “death tax”. But in 1985, India decided to get rid of this tax and no longer make people pay it.

In the past, both the Congress and NDA governments have talked about bringing back a tax on inherited wealth. This tax was first introduced in 1953 to make sure that rich people didn’t have too much more money than others. Former finance minister P Chidambaram and former Minister of State for Finance Jayant Sinha have both supported the idea of bringing back this tax recently.

Also, it was a way to make sure that very wealthy people who leave a lot of money to their children have to pay some of that money to the government in taxes.

Estate duty is like a tax that is charged when someone passes away and leaves their property to their family. It is based on the value of all the things they owned.

Taxes were required to be paid on all things that couldn’t be moved, like land, as well as on things that could be moved, like belongings, whether they were in India or somewhere else.

But many people didn’t like the tax because it was really high. If someone’s property was 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%.

The total value of the property was calculated based on how much it 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 get more money and make things more fair, but some people didn’t like the law. After 30 years, the law was finally taken away by the finance minister because of all the criticism and other reasons.

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The law had different ways of deciding how much different things were worth, which made it very complicated. Because of this, people had a lot of arguments in court about how much something was worth. This cost a lot of money to deal with.

An investigation showed that the money collected from the estate tax was only a tiny 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 inheritances. But it cost a lot of money to collect that tax.

The collection of taxes stayed low because people were finding ways to avoid paying. They were hiding properties they inherited and also pretending to own properties that actually belonged to someone else.

In addition, people didn’t like having to pay two different taxes – one on their income and another on their possessions – because they thought it was unfair.

The government has been thinking about bringing back a tax on the money and property that people inherit from their family members. This idea was first talked about in a meeting by important leaders in 2011. The person who suggested it used to be in charge of the country’s money.

Chidambaram came up with an idea to get more money for the government by increasing taxes. This was because the amount of taxes compared to the country’s overall money was going down.

One year later, he talked about it again at a special event. Chidambaram said it was important to have a tax on the money people inherit from their family when they pass away. He was worried that only a small group of people were getting very rich and having a lot of money.

“Have we paid little attention to the accumulation of wealth in a few hands? “I still hesitate to talk about intergenerational justice and therefore about inheritance tax,” he said.

The idea of inheritance tax came back in 2013, when Chidambaram presented a plan for it. He believed that this tax could help the government make money and also fulfill the goals of the UPA-2 government.

But some people in the government and other important people didn’t think an inheritance tax was a good idea, so it didn’t get included in the budget. And then, when the Narendra Modi-led government won the elections in 2014, they didn’t do anything about it either.

In the same year, a person called Jayant Sinha, who was in charge of finance, said that he wanted to introduce a special tax called inheritance tax. He believed that this tax would make it fairer for everyone, because it would take away some of the advantages that rich families have when passing on their money to their children.

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