India had a tax on money and property that people inherit from their family members 40 years ago. The political parties Congress and BJP have thought about bringing back this tax recently.

People are very angry and upset because Sam Pitroda suggested that India should have a tax on the money and property that people inherit from their family, like they do in the United States. However, this idea is not new and both the BJP and Congress have talked about it before. The Congress party said that they have no plans to actually bring in this tax, and in fact, Rajiv Gandhi got rid of a similar tax in 1985. They are trying to calm down the angry reactions.

Many years ago in India, there was a tax called estate duty or “death tax” that people had to pay when someone passed away. This tax was abolished in 1985, but it was similar to what some other countries still have today.

In the past, both the government led by Congress and the government led by NDA talked about bringing back a tax called inheritance tax. This is a tax that people have to pay when they inherit money or property from someone who has passed away. Former finance minister P Chidambaram and former Minister of State for Finance Jayant Sinha were both big supporters of this tax. The tax was first introduced in 1953 because the government noticed that there were big differences in how much money and property people had, and they wanted to make things more fair.

It was also a way to make rich people pay taxes on the big amounts of money and stuff they give to their kids when they die.

Estate duty was a tax on all the things someone owned when they died. Their family had to pay this tax when they inherited those things.

This means that people had to pay a fee for owning any kind of property, whether it was land or things that can be moved, like furniture or cars. It didn’t matter if the property was in India or somewhere else.

But many people didn’t like the tax because it was really high, especially for expensive properties. They had to pay 85% of the 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 passed away. But many people didn’t like this tax and complained about it for 30 years. Finally, in 1985, the government decided to get rid of the tax because of all the criticism.

The rules for deciding how much different things are worth were confusing and caused a lot of arguments in court. This made it really expensive to deal with.

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

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According to a news article, 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.

Not many people gave their things to be collected because they found ways to avoid paying the tax. Some people hid their inherited things, and others secretly owned property too.

Additionally, people didn’t like the idea of paying two taxes – one on their money that they earn and another one on their money that they inherit. They thought it was unfair and didn’t like it.

For the past ten years, politicians have been talking about bringing back a tax on inheriting money or property. The idea was first brought up by a government official named P Chidambaram in 2011, when he was discussing it with other important leaders. Chidambaram used to be in charge of money matters for the government.

Chidambaram had suggested an idea to get more money through taxes and help increase the ratio of taxes to the country’s total income.

A year later, he talked about it again at a big meeting. He said it was important to have a tax on the money people inherit from their family when they pass away, because too much money is ending up in just a few people’s hands.

He said that some people have a lot of money and others don’t, and that it’s important to think about how to make things fair for future generations when it comes to passing down money to family.

In 2013, a person named Chidambaram brought back the idea of an inheritance tax when he presented a plan for how the government can use money. Chidambaram thought that this tax could help the government make money and also help the political group he was a part of.

But some people in the government and important groups of people didn’t think it was a good idea to have a tax on inheriting money or property, so it didn’t get included in the government’s plans. The idea was put aside when the Narendra Modi-led government won the elections in 2014.

In the same year, a government official named Jayant Sinha said he thought it was a good idea to have a tax on inheriting money and property. He thought this tax would help make things fairer for everyone and not give advantages to rich families who pass down their businesses to their children.

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