India used to have a rule where people had to pay some money from what they inherited from their family a long time ago. The political parties called Congress and BJP have thought about bringing back this rule since then.

There is a big argument happening in politics because Sam Pitroda suggested having a tax on inherited money, like they do in the US. But actually, this idea has been talked about before by both the BJP and Congress in India. The Congress party is saying they don’t want to bring back this tax, and they even got rid of a similar tax back in 1985.

Long ago in India, there used to be a tax called inheritance tax. It was like a tax on the money and property people leave behind when they die. Some other countries also have this tax. But in India, they got rid of it in 1985, around 40 years ago.

In the past, some politicians have talked about bringing back a tax called inheritance tax. This tax was used in the past to help make sure that wealth was more evenly spread out among people. Some people think it could be a good idea to bring it back to help the government get more money.

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

In easy words, when someone passes away, they may have a lot of things like houses, money, and other belongings. The government might ask the family to pay a tax on all those things before giving them to the new owners.

This rule applies to all things that can’t move, like land and buildings, as well as things that can be moved, like cars or toys, no matter where they are in India or outside of it.

But many people did not like the tax because it was very high. It started at 7.5% for properties worth at least Rs 1 lakh, and went up to 85% for properties worth over Rs 20 lakh.

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 passed away. It was supposed to help the government get more money and make things more fair for everyone. But, after 30 years, many people and groups didn’t like the tax and said it wasn’t fair. So, in 1985, the government decided to get rid of the tax.

The rules for deciding how much things are worth were different for different stuff, which made the law very complicated. This caused a lot of arguments in court about how much things were worth, leading to a lot of money being spent on running the legal system.

An audit found 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 that tax.

There weren’t many things collected because people found ways to avoid paying the tax. They would hide properties that they got from family members, and they also started pretending that some properties belonged to other people.

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

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A long time ago, some important people in the government talked about bringing back a tax on money or property that people inherit from their family. They first mentioned this idea in a meeting in 2011, when P Chidambaram was the finance minister.

Chidambaram suggested the idea to try to get more money from taxes and help make sure the country’s tax money is in better balance with the economy.

A year later, he brought up the idea again at a big meeting about money. Chidambaram said it was important to have a tax on inheriting money because too many rich people were getting even richer.

Have we noticed that some people have a lot of money and others don’t have as much? I don’t like talking about giving money to the next generation through inheritance tax.

The idea of an inheritance tax came back in 2013 when Chidambaram presented a budget for the government. He thought that this tax could bring in money and also help the government with its goals.

But not everyone in the group of people who make important decisions and the people who are involved in the matter agreed that an inheritance tax was a good idea, so it was not included in the government’s plan for spending money. The issue was put aside and not dealt with because a different government was elected in 2014.

In the same year, a government official named Jayant Sinha said that he wanted to make a new tax called inheritance tax. He thought that this tax would make it fairer for everyone because it would take away some of the special advantages that rich families have when they pass down their businesses to their children.