Results for: Estate Duty

India once had an inheritance tax known as Estate Duty, which was abolished in 1985. The tax aimed to reduce wealth inequality but was repealed due to low revenue yield and high administrative costs. In recent news, Indian Overseas Congress chief Sam Pitroda’s comments on US inheritance tax sparked controversy. India currently does not have any federal inheritance tax, unlike the US, where it is levied on recipients of inherited assets in six states. Other countries such as the United Kingdom, Japan, and South Korea have inheritance tax rates ranging from 40% to 55%. The debate over inheritance tax highlights the complex issues of wealth distribution and tax policy.

A political row has erupted over the issue of inheritance tax in India, with Congress leader Jairam Ramesh accusing Prime Minister Narendra Modi of wanting to reintroduce the tax that was abolished in 1985. BJP leaders, including Amit Malviya, have hit back, claiming that the Congress itself proposed the idea of inheritance tax in the past. The Inheritance Tax, also known as Estate Duty, is a tax levied on the total value of money and property of a deceased person before it is distributed to their legal heirs.