India used to have a tax on the money and property that people pass down to their family members when they die. This was about 40 years ago. Since then, different political parties like Congress and BJP have thought about bringing this tax back.

There is a big argument happening in politics about Sam Pitroda mentioning an ‘inheritance tax’ that is similar to what the US has. But this idea of taxing inherited money is not new in India, as both the BJP and Congress parties have talked about it before. The Congress party clarified that they do not plan to bring back an inheritance tax, and actually, Rajiv Gandhi got rid of a similar tax back in 1985.

A long time ago in India, there used to be a tax called an inheritance tax. It was also called estate duty or “death tax” in other countries. This tax was in place for many years, but it was stopped in 1985.

In the past, both the Congress-led UPA government and the NDA government have talked about bringing back a tax called inheritance tax. This tax is imposed on the money or property that someone inherits from their family when they pass away. Former finance minister P Chidambaram and former Minister of State for Finance Jayant Sinha have both supported the idea of this tax. The inheritance tax was first introduced in 1953 to try and make things more fair, because the government noticed that some people had a lot more money and property than others.

Additionally, this was a way to collect money from very wealthy people who gave a lot of their money to their children.

In simple words, when someone passes away, they may have a lot of money or valuable things that they leave behind. The government might take a part of that money or those things as a tax, which needs to be paid before the person’s family or friends can inherit them.

This rule applies to both things that cannot be moved, like land, and things that can be moved, like toys, that are in India or in another country.

The tax on inherited property made people upset because it was really high, up to 85% for expensive properties. It started for properties worth at least Rs 1 lakh, and the rate was 7.5%.

The value of the property was figured out based on how much it would sell for when the person died.

Inheritance tax was a law that made people pay money to the government when they inherited money or property from someone who died. It was supposed to help the government get more money and make things fairer for everyone. But some people didn’t like it, so eventually in 1985, a finance minister named VP Singh decided to get rid of the tax.

The rules for how much things are worth were different depending on what they were, which made things very confusing. People kept arguing in court about how much things were worth, which cost a lot of money to figure out.

A review found that the amount of money collected from estate taxes was a very small part of all the money collected by the government.

In 1984-85, the government collected Rs 20 crore in taxes from the Estate Duty Act, but it cost a lot of money to collect that tax.

Not many things were being collected because people found ways to avoid paying taxes. They were hiding properties they inherited and also pretending to own properties that weren’t really theirs.

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In addition, some people felt upset because they had to pay two different taxes – one on the money they earned and another on the things they owned when they died. They thought this was unfair.

For the past ten years, some politicians have been thinking about bringing back a tax on the money and property that people inherit from their family members. The idea was first suggested by a leader named P Chidambaram in a meeting with the Prime Minister in 2011. He used to be in charge of the country’s money for a few years.

Chidambaram came up with the idea to try to get more money from taxes and make sure the amount of taxes collected is not going down compared to the country’s overall economy.

A year later, he talked about the same thing at a big event. Chidambaram said it was important to have a tax on inherited money because too much wealth is ending up with only a few people.

“Have we paid little attention to the accumulation of wealth in a few hands? I’m still hesitant to talk about intergenerational equality and therefore inheritance tax,” he said.

The idea of an inheritance tax came back in 2013 when Chidambaram presented a budget for the government. Chidambaram thought that this tax could help the government make money and also support their political goals.

But not everyone in the group of people who make decisions and the people who are affected by those decisions agreed with the idea of taxing money that people inherit, so it didn’t become a part of the government’s plan for spending money. The idea was put on hold when a new government was elected in 2014.

In the same year, a government official named Jayant Sinha said he supported a tax on inheriting money or businesses. He thought this tax would make it more fair for everyone, especially for people who don’t come from wealthy families.

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