India had a tax on inherited money 40 years ago. The political parties called Congress and BJP have considered bringing back this tax at different times.

There is a big argument happening in politics because of something Sam Pitroda said about an “inheritance tax” that is similar to the one in the United States. But this idea 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 bring back the inheritance tax, and they actually got rid of a similar tax in 1985. They said this to try to calm down the argument.

A long time ago in India, there was a tax called inheritance tax. This tax was also called estate duty or “death tax” in other countries. It meant that when someone passed away, their family had to pay a tax on the things that they left behind. But this tax was removed in 1985 and is no longer in place.

In the past, some leaders in the government talked about bringing back a tax on inheriting money or property. They thought it could help the government get more money. This tax was first introduced in 1953 to try to make sure people didn’t have too much more money than others.

In simple terms, it was a way to collect money from really rich people who were giving a lot of their money to their kids.

In easy words, estate duty was a tax on all the stuff someone owned when they died. The tax had to be paid when their things were given to their family.

This means that a responsibility or job was given to everyone to pay a tax on things that cannot be moved, like land or buildings, and also on things that can be moved, like objects or possessions, whether they are in India or in another country.

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% of the property’s value.

The value of everything the person owned was figured out based on how much it was worth when they died.

Inheritance tax was a law that made people pay a tax on money or property they inherited from someone who passed away. It was supposed to help the government make more money and make sure rich people didn’t have too much money compared to others. But a lot of people didn’t like this tax and complained about it for 30 years. Eventually, in 1985, the finance minister decided to get rid of the tax.

The law had different rules for deciding how much different things were worth, which made it really complicated. Because of this, there were a lot of arguments in court about how much things were worth, which cost a lot of money to manage.

After checking carefully, it was found that the amount of money collected from estate taxes was very small compared to all the other taxes collected by the government.

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

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The amount of things collected was small because people found sneaky ways to not pay the tax. They started hiding properties they inherited and also started holding properties in other people’s names.

People didn’t like having to pay two different taxes on their money, so they were unhappy about having to pay an estate tax in addition to an income tax.

For the past ten years, some politicians have been talking about bringing back a tax on the money and property that people inherit from their family members. The idea was first suggested by a politician named P Chidambaram in 2011, when he was in charge of the country’s finances.

Chidambaram came up with the idea to try and get more money through taxes and help increase the ratio of taxes to the country’s overall income.

A year later, he talked about it again at a big meeting. He said it was important to have a tax on money passed down from parents to children, because too many rich people were keeping all the money for themselves.

He’s worried that only a few people have a lot of money, and he’s not sure if we should talk about making sure everyone’s children have a fair chance at getting money from their parents.

In 2013, Chidambaram suggested bringing back the idea of an inheritance tax to make money for the government and help the UPA-2 government.

But not everyone in the group of people making decisions, as well as other important people, agreed that it was a good idea to have a tax on the money and property that people leave to their family when they die. So, this idea was never included in the government’s plan for how they would spend money. The idea was put aside and not talked about anymore when Narendra Modi’s government won the elections in 2014.

In simple terms, there was a person named Jayant Sinha who was in charge of money for the government. He wanted to make a new rule where rich families have to pay extra money when they inherit things from their parents. He thought this would be fair because it would make it harder for rich families to stay rich and give other people a better chance to be successful too.

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