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TMI BlogNo Proposal to Reimpose Estate Tax again in FutureX X X X Extracts X X X X X X X X Extracts X X X X ..... No Proposal to Reimpose Estate Tax again in Future X X X X Extracts X X X X X X X X Extracts X X X X ..... T There is proposal at present to reimpose the Estate Tax again. The Estate duty was abolished for the following reasons: (i) The contribution of estate duty to the Government revenues over the yea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs had been insignificant. (ii) Percentage of estate duty to gross tax revenue was steadily falling. It was 0.22 percent in 1972-73, 0.5 percent in 1975-76 and 0.13 percent in 1981-82. (iii) The pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceeds of estate duty were low despite an extremely progressive rate schedule. (iv) The cost of administration of the Estate Duty Act, 1953 and the cost of compliance to the tax payer was high. (v) B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oth wealth-tax and estate duty lows were applicable to the property of a person, the former applying to his property before death and the latter after his death. The existence of two separate laws wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h reference to the same property was considered a burden on the taxpayers and the heirs of the deceased. This was stated by the Finance Minister Shri P. Chidambaram in reply to a question in the Rajy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a Sabha today.
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