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Congress's inheritance tax will hit middle, aspirational classes: Nirmala Sitharaman

The Finance Minister said, 'If the Congress comes to power, 'organised loot and legalised plunder' will be seen in action.'
Last Updated : 24 April 2024, 11:44 IST
Last Updated : 24 April 2024, 11:44 IST

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New Delhi: Finance Minister Nirmala Sitharaman on Wednesday said the Congress party’s plan to impose inheritance tax is aimed at hitting the middle and aspirational classes as they will not be able to pass on their savings to their children.

"If the Congress comes to power, 'organised loot and legalised plunder' will be seen in action," she said in a post on X (formerly Twitter) while sharing a video clip of Prime Minister Narendra Modi speaking at a rally in Chhattisgarh.

"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 their children," Sitharaman said.

The post further said, "Dr MMS’ (referring to Manmohan Singh) 'Organised loot and legalised plunder' will be seen in action. Congress’ #TaxTerrorism'."

The Congress on Wednesday distanced itself from the 'inheritance tax' issue, saying that the remarks of Indian Overseas Congress Chairman Sam Pitroda were being sensationalised and taken out of context.

Without naming Pitroda, Modi in his Chhattisgarh rally said that 'the Congress party's dangerous intentions have come to fore yet again. Now these people are saying they will impose inheritance tax on properties bequeathed to children by their parents'.

With his remarks triggering a row, Pitroda said on X, "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 is simply unreal."

"I mentioned US inheritance tax in the US only as an example in my normal conversation on TV. Can I not mention facts? I said these are the kind of issues people will have to discuss and debate. This has nothing to do with the policy of any party including Congress," he said.

"Who said 55 percent will be taken away? Who said something like this should be done in India? Why is BJP and media in panic," Pitroda asked.

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Published 24 April 2024, 11:44 IST

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