India had a tax on the money and property that people pass down to their family members 40 years ago. Both the Congress and BJP political parties have thought about bringing back this tax since then.

There is a big argument happening in politics because someone named Sam Pitroda talked about a tax called an “inheritance tax” that is similar to 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 says they don’t actually plan to create this tax, and they even got rid of a similar tax called “estate duty” in 1985.

In the past, India had a tax called estate duty or “death tax” which was like an inheritance tax. This tax was there for many years but was stopped or abolished in 1985.

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 tax was suggested by important people in the government who believed it could help the government have more money. The inheritance tax was first introduced a long time ago, in 1953, because the government saw that some people had a lot of money while others had very little. They thought that this tax could help make things more fair.

Furthermore, it was a way to collect money from really rich people who gave a lot of their money to their kids.

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 before their things could be given to their family.

All property, like houses and land, and things like cars and toys, had a tax put on them in India and other places.

But many people didn’t like the tax because it was a lot of money. If someone had a property worth more than Rs 20 lakh, they had to pay 85% of its value in taxes. The tax started for properties worth at least Rs 1 lakh, and the rate was 7.5%.

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The value of the property was determined 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 had passed away. It was supposed to help the government get more money and make sure everyone had a fair amount of wealth. However, many people didn’t like this law and complained about it for 30 years. Eventually, a finance minister named VP Singh decided to get rid of the tax in 1985.

The rules for deciding how much different types of things are worth can be really confusing. This caused a lot of arguments in court about how much things were worth. And it cost a lot of money to deal with all these arguments.

A check showed that the money collected from estate taxes was a very small amount compared to all the other taxes collected by the government.

In 1984-85, the government collected Rs 20 crore in taxes from people’s properties when they passed away. But it cost a lot of money for the government to collect those taxes.

The collection of tax money was small because people found ways to avoid paying it. They hid properties they inherited and started owning properties under other people’s names to avoid paying taxes.

In addition, people didn’t like having to pay two different taxes on their money, one for their income and one for their possessions, because it felt like they were being taxed twice.

Congress and BJP, two political parties in India, have been discussing the possibility of bringing back a tax on inherited money and property for more than ten years. The idea was first talked about by a government official named P Chidambaram in 2011. He was in charge of the country’s finances for four years. The tax was discussed during a meeting led by the Prime Minister at the time, Manmohan Singh.

Chidambaram had suggested an idea to collect more taxes and improve the ratio of taxes to the country’s income, which was getting smaller.

One year later, he brought up the topic again at a big meeting about money. Chidambaram said it was important to have a tax on inheritance because some people were getting too rich.

“Are we paying too little attention to the accumulation of wealth in the hands of a few? I’m still hesitant to talk about intergenerational equity and estate taxes,” he said.

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

However, not everyone in the group of people making decisions, as well as other important people, were sure about the idea of an inheritance tax, so it was never included in the government’s budget. After the Narendra Modi-led government won the 2014 elections, the idea was put on hold and not talked about anymore.

That same year, Jayant Sinha, who was a government official, talked about wanting to bring in a tax on inheriting money or property. He thought this tax would make things fairer for people who don’t come from wealthy families, and would make it more equal for everyone.

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