Budget to introduce Inheritance Tax: Reports
Increasingly, there is this speculation that the Union Budget, to be presented in the Parliament on July 5, will introduce Inheritance Tax or Estate Tax on the rich or HNIs (High Networth Individuals).
Commentators are debating the issue in order to gauge its effect. Columnist R Jagannathan says, "Inheritance tax is an idea whose time has come. However, the question is whether the sarkar wants to dampen the business sentiment right now when it's already in the lurch."
As per a social media influencer (@ramprasad_c), the move will be totally unprincipled. "Apparently, it’s obscene for children to inherit wealth from their parents as per this tax. Citing examples of Bill Gates and Warren Buffet is disingenuous. They gave it voluntarily."
Weeks ago, Congress spokesperson Randeep Singh Surjewala didn't welcome the idea. "Modi Govt 2.0 shouldn’t start on a ‘dead idea’ of ‘taxing cash transactions in banks’ or ‘Inheritance tax’ on Property. This will only hurt small businesses, shopkeepers, students, migrant workers & the common man. Reviving such taxes will burden the economic revival!" he tweeted out.