Estate tax, cash transaction tax mooted to fight black money

Emboldened by bigger mandate, Prime Minister Narendra Modi is all set to intensify the fight against black money.

Among measures to clamp down on graft and ill-gotten wealth, the government may consider re-introducing an estate tax on inherited property and banking cash transaction tax (BCTT).

The suggestions are being discussed by tax authorities before proposing them for the Budget 2019-20, expected to be presented in the second week of July.

“They are at initial stages of discussion. These have to be vetted thoroughly for its effectiveness,” said an official aware of Budget consultations.

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