India had a tax on money passed down from family members 40 years ago. Both the Congress and BJP political parties have thought about bringing it back since then.

There is a lot of arguing happening in politics right now because of something Sam Pitroda said about a tax on inheriting money, which is like what they have in the United States. But this idea of a tax on inherited money is not new in India, and both the BJP and Congress have talked about it before. The Congress party says they don’t have any plans to bring back this tax, and in fact, one of their leaders got rid of a similar tax in 1985.

In the past, India had a tax called an inheritance tax or estate duty. This tax was like a “death tax” in some other countries. It was in place for about 40 years but was removed in 1985.

In the past, some people in the government thought about bringing back a tax on inheriting money or property. They wanted to use this tax to help the government have more money. One person who liked this idea was a former finance minister named P Chidambaram. Another person who liked it was a former Minister of State for Finance named Jayant Sinha. This tax was first introduced in 1953 to try to make things more fair because there were big differences in how much money people had.

It was also a way to make sure that very wealthy people paid taxes on the money and property they passed down to their children.

Estate duty was a tax that had to be paid on all the things a person owned when they died. The tax had to be paid when those things were given to their family members.

This rule applies to all things that cannot be moved, like land or buildings, and also to things that can be moved, like toys or clothes, whether they are in India or in another country.

But many people didn’t like the tax because it was really high. If someone’s property 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%.

When the person died, they looked at how much the property was worth at that time. That’s how they figured out how much it was all worth.

They got rid of inheritance tax because it was causing a lot of arguments and people didn’t like it. The government wanted to make things fairer for everyone so they decided to get rid of it in 1985.

The law had different rules for deciding how much different kinds of things were worth. This made the law very complicated. Because of this, many people had arguments in court about how much their things were worth. This cost a lot of money to handle all the arguments.

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.

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 tax.

The collection of taxes didn’t grow much because people found ways to avoid paying them. They hid properties they inherited illegally and started owning properties in other people’s names.

Additionally, people didn’t like having to pay two different taxes – one on their money they earned and another on the things they owned after they passed away. They felt like they were being taxed twice, which made them really upset.

A long time ago, some important people in the government were thinking about bringing back a tax called inheritance tax. This tax would be charged on the money and property that people pass down to their children when they die. The idea of bringing back this tax was first talked about by a person called P Chidambaram in a meeting with other important leaders. He was in charge of the money matters for the government at that time.

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

A year later, he talked about it again at a big event. He said it was important to have a tax on money that people inherit from their family, because too much money is staying with only a few people.

The person is saying that they are worried because some people have a lot of money and others don’t have as much. They are also unsure about whether it is fair for someone to inherit a lot of money from their family.

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

Not everyone in the government agreed with the idea of an inheritance tax, so it was not included in the budget plans. The topic was put aside when a new government led by Narendra Modi won the elections in 2014.

In the same year, a government official named Jayant Sinha talked about wanting to add a tax on inheriting money. He thought this would help make things fairer for everyone, and not give special advantages to people who already come from wealthy families.

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