Does Zerodha founder support inheritance tax? India's youngest billionaire's old video goes viral

Recent remarks by veteran Congress leader Sam Pitroda sparked discussions on social media and generated increased interest in the concept of inheritance tax, both on social media and in Google searches. Unlike some countries like South Korea, America, and the UK, India currently does not have a system of inheritance tax in place, having abolished the Inheritance or Estate Tax back in 1985. Amid the controversy surrounding inheritance tax, an old video of Zerodha founder Nikhil Kamath, who is also India's youngest billionaire, has also gained traction on social media.

In the video, Kamath voiced his support for the implementation of an inheritance tax in India, arguing that it could serve as a means of redistributing wealth across generations. He pointed out that in a country where only a small percentage of the population pays income tax, such a tax could broaden the tax base, providing the government with additional resources for reforms and infrastructure development.

“When wealth transfers from one generation to another, there has to be a filter so that a part of it can be redistributed. There is plenty of precedence to inheritance tax," Kamath said.


"South Korea, America, and the UK have inheritance taxes. "For a country like India, where where maybe only about 3 per cent of the population pays income tax, wealth is not necessarily with the 3% alone. It is with the much wider diaspora of the population something like inheritance tax will bring more people under the tax net. If they pay inheritance tax, it will give the govt more gunpowder for reforms and also shore up infra which requires a lot of money," Kamath further added.

The BJP criticized the Congress, particularly Pitroda, for advocating wealth redistribution through inheritance tax. However, the Congress sought to distance itself from Pitroda's remarks, stating that his views do not necessarily reflect the official position of the party.

Jairam Ramesh, the Congress General Secretary for Communications, defended Pitroda's right to express his opinions freely, emphasizing that individual viewpoints should not be equated with party policy. Ramesh acknowledged Pitroda's contributions to India's development and reiterated the importance of democratic discourse and debate.



Pitroda himself clarified that his mention of the US inheritance tax was merely an example used in a television conversation and should not be interpreted as advocating for a specific policy position. He emphasized the need for public discussion and debate on issues of wealth redistribution and social welfare, stressing that such discussions should transcend party politics.