India had a tax on passing down money or property 40 years ago. The political parties Congress and BJP have thought about bringing it back since then.

People are getting very upset about something that Sam Pitroda said about a tax called an inheritance tax. But this tax is not new to India, and both the BJP and Congress have talked about it before. The Congress party says they don’t actually have any plans to bring back this tax, and in fact, Rajiv Gandhi got rid of a similar tax in 1985. They are trying to calm down the upset by saying this.

A long time ago in India, there used to be a tax called inheritance tax. It was also called estate duty or “death tax” in some other countries. This tax meant that when someone passed away and left their money and belongings to their family, the government would take a portion of it as tax. But this tax was removed in 1985, so we don’t have it anymore.

Since then, the idea of bringing back a tax on inheriting money has been discussed by different government groups. Some people in the Congress-led UPA government and the NDA government have talked about it. In the past, a former finance minister named P Chidambaram and a former Minister of State for Finance named Jayant Sinha have both supported the idea. The inheritance tax was first introduced in 1953 to try and make things more fair by reducing the difference in wealth. The government saw that some people had a lot more money than others, so they came up with the idea of this tax.

It was also a way to make the very wealthy pay taxes on a lot of money they were giving to their kids.

In easier words, estate duty was a tax that people had to pay when they passed away and their stuff, like their house or money, was given to their family.

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This means that a responsibility was given to all things that can’t be moved, like buildings, and also to things that can be moved, like objects, whether they are in India or in another place.

But many people didn’t like the tax because it was very high, sometimes as much as 85% of the value of their property if it was worth more than Rs 20 lakh. 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 used to be a law that made people pay money to the government when they inherited things, like money or property, from someone who passed away. The government made this law to get more money and try to make things fairer for everyone. But lots of people didn’t like this law, and they complained about it for a long time. Finally, in 1985, the person in charge of the government’s money 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 very complicated. Because of this, people couldn’t agree on how much something was worth and had to go to court to settle the argument. This caused a lot of problems and cost a lot of money to handle.

After checking a bunch of important numbers, it was found that the amount of money collected from a specific tax was really small compared to all the other taxes the government collects.

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

People found ways to avoid paying the tax by hiding their inherited properties and also by holding properties in someone else’s name. This made the collection of taxes very small.

Additionally, people didn’t like having to pay two different taxes on their money – one on what they earned and another on what they inherited – because they thought it wasn’t fair.

A long time ago, some important people in the government talked about making a rule where people have to pay a tax on the money or property they inherit from their family when they pass away. This idea was first brought up by a man named P Chidambaram in 2011, when he was in charge of money matters for the government.

Chidambaram suggested the idea to try to get more money from taxes and improve the ratio of taxes to the country’s total income.

A year later, he talked about it again at a meeting. Chidambaram said it was important to have a tax on inherited money because some people have a lot of money and it’s not fair for just a few people to have so much.

He is worried that only a few people have a lot of money and that it’s not fair for future generations. He is unsure about talking about inheritance tax.

In 2013, Chidambaram suggested bringing back the idea of an inheritance tax in the government’s budget. He thought it could help the government make more money and also help with their goals.

But not everyone in the government agreed with the idea of an inheritance tax, so it was not included in the budget. The topic was put aside when the Narendra Modi-led 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 make a new rule called inheritance tax. This rule would make it fairer for everyone, especially for people who have family businesses. It would take away some special benefits that these families have, so that everyone has an equal chance to succeed.

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