India had a tax on inheriting money or property 40 years ago. Both the Congress and BJP parties have considered bringing back this tax at different times since then.

People are getting very upset about something Sam Pitroda said about taxes. He mentioned an “inheritance tax” which is when you have to pay money to the government when someone leaves you money or property after they die. But actually, this idea is not new in India and both the BJP and Congress parties have talked about it before. The Congress party even says they don’t have any plans to introduce this tax because Rajiv Gandhi got rid of a similar tax in 1985. So they’re trying to calm down all the arguing and make everyone feel better.

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 other countries. This tax was in place for around 40 years before it was stopped in 1985.

In the past, some government leaders have talked about bringing back a tax on passing down money and property to family members when someone dies. They believe it could help the government get more money. This tax was first introduced in 1953 to try to make sure that everyone had a fair share of wealth.

In simpler terms, it was a way to make sure that really rich people paid their fair share of taxes when they gave a lot of money to their kids.

In easy words, estate duty was a tax on all the things someone owned when they passed away. The tax had to be paid when those things were given to their family or loved ones.

This rule says that everyone has to pay a tax on things like land and buildings, as well as on things like cars and furniture, no matter if they are in India or in another country.

The tax was not liked by many people because it was very high, especially for expensive properties. It started for properties worth at least Rs 1 lakh and the rate was 7.5%. If a property was worth more than Rs 20 lakh, the tax rate could be as high as 85%.

The value of the property was figured out based on how much it was worth when the person passed away.

Inheritance tax was a law that made people pay money to the government when they inherited money or property from someone who passed away. It was supposed to help the government get more money and make sure that rich people didn’t have too much money. But a lot of people didn’t like this law, and after 30 years, the government decided to get rid of it in 1985 because of all the criticism and problems it was causing.

The law had different rules for deciding how much different things are worth, which made it hard to understand. Because of this, many people had arguments in court about how much their things were worth, which cost a lot of money to figure out.

An investigation showed 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 those taxes.

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

In addition, people didn’t like having to pay two different taxes – one on how much money they make and another on how much stuff they own when they die. They thought it was unfair.

A long time ago, some important people in the government were thinking about making a rule that says you have to pay a tax on the money and property you inherit from your family when they pass away. This idea has been talked about for many years, starting with a meeting in 2011 led by the Prime Minister at that time.

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

A year later, he brought up the topic again at a meeting. Chidambaram said it was important to have a tax on inherited money, because he was concerned about a small number of people having a lot of wealth.

He’s saying that some people have a lot of money while others have very little. He’s also saying he’s unsure about talking about fairness between different generations and whether or not it’s fair for people to inherit money from their parents.

The idea of an inheritance tax came back in 2013 when Chidambaram presented the last full Budget of the UPA-2 government. Chidambaram believed that an inheritance tax could bring in money and help the UPA government achieve its goals.

But not everyone in the group that makes important decisions and the people who are affected by those decisions agreed with the idea of a tax on money that people inherit from their family. So, the idea was not included in the government’s plan for how to spend money. Instead, it was put aside and not talked about anymore because a new government was elected in 2014.

In the same year, a person named Jayant Sinha, who was in charge of money matters, talked about a new tax called inheritance tax. He believed that this tax would make it fairer for everyone by taking away some of the special benefits that rich families pass down to their children, and make things more equal for everyone.

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