Prime Minister Narendra Modi hit out at the remarks made by Congress’ Sam Pitroda advocating an ‘inheritance tax’ like law saying that the Congress does not want the countrymen to pass on their property to their children.
Chairman of Indian Overseas Congress Sam Pitroda advocated an inheritance tax law in India and backed the party’s stand on redistribution of wealth. After facing a huge backlash from BJP’s several leaders, Pitroda said remarks were made in an individual capacity.
Sam Pitroda On Inheritance Tax Law
Emphasing the need for policy towards wealth redistribution, Pitroda elaborated on the concept of inheritance tax prevailing in America.
And stated that In America, there is an inheritance tax. If one has 100 million USD worth of wealth and when he dies he can only transfer probably 45 per cent to his children, 55 percent is taken by the government.
He added, “That’s an interesting law. It says you in your generation made wealth and you are leaving now, you must leave your wealth for the public, not all of it, half of it, which to me sounds fair.”
“In India, you don’t have that. If somebody is worth 10 billion and he dies, his children get 10 billion and the public gets nothing.So these are the kinds of issues people will have to debate and discuss. When we talk about redistributing wealth, we are talking about new policies and new programs that are in the interest of the people and not in the interest of the super-rich only,” he added.
PM Modi’s Scathing Attack On Sam Pitroda
Prime Minister Narendra Modi hit out at the remarks made by Congress’ Sam Pitroda advocating an ‘inheritance tax’ like law saying that the Congress does not want the countrymen to pass on their property to their children.
“The royal family’s prince’s advisor has said that more taxes should be imposed on the middle class. Now these people have gone one step further than this, Congress says that it will impose an Inheritance Tax, and it will also impose tax on the inheritance received from parents. The property you have accumulated through your hard work will not be given to your children,” the Prime Minister said at an election rally in Surguja.
Sam Pitroda’s U-turn From Inheritance Tax Remark
After facing a huge backlash from several BJP leaders and the BJP tearing into Pitroda, the Chairman of Indian Overseas Congress attempted to clarify his position and said that remarks were made in an individual capacity.
“It is unfortunate that what I said as an individual on inheritance tax in the US is twisted…to divert attention from what lies the PM is spreading about the Congress manifesto. PM’s comments on Mangal Sutra and gold snatching are simply unreal,” Pitroda posted on X.
Taking a turn from his earlier remarks, Pitroda asked “Who said 55 per cent will be taken away? Who said something like this should be done in India? Why are the BJP and the media in panic?”
“I mentioned US inheritance tax in the US only as an example in my normal conversation on TV. Can I not mention facts? I said these are the kinds of issues people will have to discuss and debate. This has nothing to do with the policy of any party including Congress,” he added.
What India Law Says On Inheritance Tax In India Currently?
Inheritance tax is a type of tax which is levied on the income earned by an individual from his/her ancestral property. After the death of an individual, properties which belong to him or her are passed on to his legal heirs like children, grandchildren or wards.
As per the Income Tax Act of 1961, no tax is levied on the inherited assets, whether movable or immovable, as such. However, the tax will be levied if the new owner decides to sell the property. In case of movable assets like mutual funds, gold, shares, etc., the new owner is not liable to pay any tax. But if he/she has to pay the tax when they decide to sell these movable assets.
(With Inputs From ANI)
Source link
