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Rajiv Gandhi scrapped India's inheritance tax law to claim Indira Gandhi's assets, alleges PM Modi

India used to have its own version of inheritance tax or estate duty between 1953 and 1985. The law was first introduced in 1953 and abolished in 1985 by the then Congress government under the leadership of former Prime Minister Rajiv Gandhi.

Edited By: Shashwat Bhandari @ShashBhandari New Delhi Updated on: April 25, 2024 13:29 IST
Prime Minister Narendra Modi during election rally in
Image Source : @NARENDRAMODI Prime Minister Narendra Modi during election rally in Madhya Pradesh's Morena.

Madhya Pradesh Lok Sabha elections 2024: Prime Minister Narendra Modi on Thursday alleged that former Prime Minister Rajiv Gandhi scrapped India's inheritance  tax law (a form of estate duty) to claim the assets of his mother and former PM Indira Gandhi.

India had its own version of inheritance tax law, however, it was scrapped by Rajiv Gandhi in 1985.

What was India's inheritance tax or estate duty?

The inheritance tax law or estate duty was first introduced in 1953. According to the abolished law, the estate duty was imposed on the total value of a person's wealth that was passed to his-her children or family at the time of their death. The duty was levied on both movable and immovable assets.

Under this law, the estate duty was as high as 85 per cent on properties whose value exceeded Rs 20 lakh. The tax was levied on properties having value of Rs 1 lakh with a beginning rate of 7.5 per cent.

The value of the asset was calculated as per the market worth at that time.

Meanwhile, cornering the 'Grand Old Party' on the issue of 'secretly' including all castes and communites of Muslims in Other Backward Classes (OBCs) category in Karnataka, PM Modi said, "Congress have started working on a new plan as part of their appeasement politics. If they win, then the reservations of backward classes in Madhya Pradesh will be snatched away and will be given to Congress’ favourite vote bank. On the other hand, BJP is a party that works on the principle of 'sabka saath, sabka vikas'".

Modi is standing as a wall between you and Congress' plans to loot you, the Prime Minister said at a rally in Madhya Pradesh's Morena.

ALSO READ | EC takes notice of alleged MCC violations by PM Modi and Rahul Gandhi, seeks reply from BJP, Congress

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