Google search of 'inheritance tax' in India hits 20-year-high, Sam Pitrodia searches soar
By Team Asianet Newsable | First Published Apr 25, 2024, 4:34 PM ISTThe surge in searches was triggered by remarks made by Sam Pitroda regarding inheritance tax, which sparked a political controversy on Wednesday. Pitroda's comments endorsed the idea of implementing an inheritance tax in India, drawing parallels with the system in the United States.
Google search trends on Thursday (April 25) witnessed a significant spike in interest regarding inheritance tax in India, reaching its highest level in two decades. Concurrently, the chairman of the Indian Overseas Congress Sam Pitroda's searches have also peaked, hitting their highest point in five years.
The surge in searches was triggered by remarks made by Sam Pitroda regarding inheritance tax, which sparked a political controversy on Wednesday. Pitroda's comments endorsed the idea of implementing an inheritance tax in India, drawing parallels with the system in the United States.
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He stressed the principle of wealth redistribution, suggesting that a portion of inherited wealth should be allocated to the public.
However, Pitroda's statements ignited a political uproar, with Prime Minister Narendra Modi criticising the Congress party for allegedly calling for higher taxes and disincentivising the transfer of assets to heirs.
In response, Congress distanced itself from Pitroda's remarks, highlighting the abolishment of estate duty by former Prime Minister Rajiv Gandhi in 1985.
The controversy surrounding Pitroda's comments arised against the backdrop of the Congress manifesto addressing wealth and income inequality through policy reforms. Rahul Gandhi's call for economic and institutional surveys has been interpreted by the BJP as a precursor to wealth redistribution.
Inheritance tax is a levy imposed on property inherited upon an individual's demise. It differs from estate tax in that it is levied on the recipients of the inherited property rather than the deceased individual's estate.
Proponents argue that inheritance tax can contribute to levelling the economic playing field by curbing wealth concentration and promoting equality of opportunity. Critics, however, contend that abolishing the tax could stimulate investments, job creation, and economic growth.
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