The debate over inheritance tax in India has resurfaced ahead of the 2024 Lok Sabha elections, with both the Congress and the BJP accusing each other of supporting the idea in the past. The controversy stems from a deleted tweet by BJP leader Amit Malviya in 2014, where he expressed support for the idea of taxing inheritance wealth. Congress leaders took to social media to share screenshots of the tweet, accusing the BJP of hypocrisy. The BJP has denied the accusations, claiming that the tweet was only an idea open for debate. Meanwhile, Telangana Congress spokesperson Asma tweeted a screenshot of the tweet, claiming that the BJP had unsuccessfully tried to erase the evidence.
The controversy comes amid a broader debate over the need for inheritance tax in India, with some arguing that it could help reduce inequality and increase revenue for government spending. However, others argue that it would be a burden on families and discourage savings and investment.
In a related development, a video of Jayant Sinha, the former minister of state for finance in the BJP government, speaking about the need for estate taxes in India has gone viral. Sinha has been a vocal advocate for inheritance tax, arguing that it is necessary to ensure inter-generational equity and reduce the concentration of wealth in the hands of a few. The video has added fuel to the controversy, with the Congress accusing the BJP of double standards on the issue.
The debate over inheritance tax is likely to continue in the run-up to the 2024 Lok Sabha elections, with both the Congress and the BJP seeking to gain political mileage from the issue. It remains to be seen whether the public will support the idea of inheritance tax, or whether it will be seen as a burden on families and businesses.
