Union Budget 2019: Inheritance tax likely to make a comeback after 35 years, here is what experts think
Sitharaman, who succeeded Arun Jaitley as Finance Minister, will present her maiden Union Budget on Friday.
Amid expectations that the Narendra Modi-led NDA government will provide tax relief to millions of individual taxpayers, there are also reports that the Finance Minister Nirmala Sitharaman may introduce inheritance or estate tax in the Union Budget 2019 after 35 years.
Sitharaman, who succeeded Arun Jaitley as Finance Minister, will present her maiden Union Budget on Friday.
Ahead of the Budget, reports quoting sources said that a tax on properties, jewellery, shares, fixed deposits (FDs), cash in bank inherited is likely to be re-introduced by the Finance Minister. The sources said that the move would not be to raise resources but to demonstrate the government`s pro-poor orientation, discourage wealth accumulation and fight black money, sources said. Globally, the Us and the UK are among the large economies where such a tax is levied, IAN reported.
The experts are, however, unanimous in their assertion that tax will harm a slowing economy which a huge capital infusion.
Here is more on Inheritance Tax: