Column : Mr Rich, please do not die
Estate duty has been advocated globally as a tool to balance tax trends and prevent the perpetuation of wealth. In a nutshell, the next generation, whether of Mr Rich or not, is encouraged to contribute its share of efforts in accumulating wealth for the economy as a whole. The current fiscal environment and the potential collections from estate duty may have forced the the finance minister to consider the levy of estate duty amongst other levies like a super-rich tax.
In a situation where the the government reintroduces the estate duty in the current generation, the policymakers are expected to produce a mix of certain provisions from the repealed Estate Duty Act, 1953, and the tested provisions of the matured estate duty laws of some other countries.
The erstwhile Estate Duty Act, 1953, taxed the inheritance of the ‘property’ of the deceased, which included all kinds of movable or
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