India had an ‘inheritance’ tax 40 years ago. What it was like & why it went

Inheritance tax, also known as estate tax or estate duty, was imposed on specific assets at the time of their inheritance such as ancestral land. The decision to abolish it was made by the then finance minister, V.P. Singh, who believed that the tax had not achieved its intended goal of creating a more equitable society and reducing wealth disparity.


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