Updated April 24th, 2024 at 18:39 IST

Inheritance tax will affect the middle-class aspirations: Nirmala Sitharaman

In response, the Congress party distanced itself from the issue, asserting that the remarks made by Indian Overseas Congress Chairman Sam Pitroda.

Reported by: Business Desk
Finance Minister Nirmala Sitharaman | Image:X
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Inheritance tax row: Finance Minister Nirmala Sitharaman criticised the Congress party's proposal to implement an inheritance tax, arguing that it would adversely affect the middle and aspirational classes by preventing them from passing on their savings to their children. Sharing a video clip of Prime Minister Narendra Modi addressing a rally in Chhattisgarh on X (formerly Twitter), Sitharaman accused the Congress of promoting "organised loot and legalised plunder" if it comes to power.

She stated, "So, the @INCIndia plan is: While living—Tax. On death—Tax (Inheritance). Aims to hit the middle and aspirational classes. Their savings or small holdings shall not go to their children." Sitharaman further added, "Dr MMS’ 'Organised loot and legalised plunder' will be seen in action. Congress’ #TaxTerrorism".

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In response, the Congress party distanced itself from the issue, asserting that the remarks made by Indian Overseas Congress Chairman Sam Pitroda regarding inheritance tax were being sensationalised and taken out of context.

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Without directly naming Pitroda, Modi addressed the issue during his Chhattisgarh rally, warning about the Congress party's intentions to impose inheritance tax on properties passed down to children from their parents.

Pitroda defended himself on X, stating, "It is unfortunate that what I said as an individual on inheritance tax in the US is twisted by Godi media 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." He clarified that his mention of the US inheritance tax was merely an example and not reflective of any party's policy, including Congress.

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Pitroda questioned the panic surrounding his remarks, underlining that there was no proposal to impose a 55 per cent tax or to implement such policies in India. He criticised the BJP and the media for their reaction to his comments. 

(With PTI inputs)

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Published April 24th, 2024 at 18:39 IST