India had a tax on money or property inherited from family members 40 years ago. Both the Congress and BJP political parties have considered bringing it back since then.

People are very upset and arguing about something that Sam Pitroda said about an inheritance tax. But actually, the idea of an inheritance tax 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 an inheritance tax, and they even got rid of a similar tax in 1985.

A long time ago in India, there was a tax called inheritance tax. It was like a “death tax” in some countries. This tax was in place for about 40 years before it was stopped in 1985.

In the past, some important people in the government talked about bringing back a tax called inheritance tax. This tax was used a long time ago to help make the money more fair for everyone. One person who wanted to bring back this tax was a finance minister named P Chidambaram and another person was a minister named Jayant Sinha. They thought it would be a good idea to bring back this tax to help the government get more money.

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In addition, it was a way to collect taxes from very wealthy people who were giving a lot of money to their children.

Estate duty was like a tax that someone had to pay on all the things they owned when they died. The tax had to be paid when those things were given to their family or friends.

This rule applies to all things that can’t be moved, like buildings, and also to things that can be moved, like toys, that are in India or elsewhere.

But the tax made a lot of people unhappy because it was very expensive. If someone owned a property that 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 value of the property was figured out 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 died. It was supposed to help the government get more money and make sure that rich people didn’t have too much more money than everyone else. But many people didn’t like this law and complained about it for 30 years. Finally, in 1985, a finance minister named VP Singh decided to get rid of the inheritance tax.

The law had different rules for deciding how much different types of things were worth, which made it really complicated. This led to a lot of arguments in court about how much things were worth and cost a lot of money to deal with.

A check showed that only a very small 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 in taxes from people’s inherited money. But it cost a lot of money to collect those taxes.

The amount of money collected was not very much because people found ways to avoid paying the tax. Some people kept their inherited properties a secret, and others started owning properties in someone else’s name to avoid paying taxes.

In addition, having to pay an extra tax on their money and possessions made people really mad because it felt like they were being taxed twice.

A long time ago, some important people in the government talked about bringing back a tax that people have to pay when they inherit money or property from their family. The idea was first mentioned by a person called P Chidambaram in a meeting with other important leaders. He used to be in charge of money matters in the government.

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

One year later, he brought up the topic again at a big meeting. Chidambaram said that it was important to have a tax on inherited money because too much wealth was ending up with only a few people.

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

The idea came back in 2013 when Chidambaram suggested bringing back an inheritance tax in the government’s budget. He thought that this tax could help the government make money and also help with their political goals.

But some people in the government and other important groups didn’t think an inheritance tax was a good idea, so it was never included in the budget. After Narendra Modi’s government won the 2014 election, the issue was put on hold.

In the same year, a government official named Jayant Sinha suggested a new tax on inherited money. He thought this tax would make it fair for everyone, not just rich families who pass down their businesses to their kids.

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