Authors
Vasudha noticed the growing problem of mis/disinformation online after studying New Media at ACJ in Chennai and became interested in separating facts from fiction. She is interested in learning how global issues affect individuals on a micro level. Before joining Newschecker’s English team, she was working with Latestly.
Pankaj Menon is a fact-checker based out of Delhi who enjoys ‘digital sleuthing’ and calling out misinformation. He has completed his MA in International Relations from Madras University and has worked with organisations like NDTV, Times Now and Deccan Chronicle online in the past.
Claim
Amid Inheritance Tax row, Zerodha Co-founder Nikhil Kamath comes out in support of the tax.
Fact
2022 video interview of Kamath shared out of context.
Amid the ongoing political row over Congress leader Sam Pitroda’s comments on Inheritance tax, a video of Zerodha Co-founder Nikhil Kamath advocating for the tax on ancestral wealth has surfaced on social media platforms. Multiple social media users shared the video claiming that Kamath has “come out in support of the tax.” Newschecker found that the video is over two-year-old, and has been misleadingly shared as recent amid Inheritance Tax row.
In the video, Kamath is heard saying, “…wealth transferred from one generation to another, has to have some kind of a filter in there.. where part of that wealth can be redistributed in society. There is plenty of precedent for Inheritance Tax, and we know how it has done well in many geographies…For a country like India, where maybe 3 percent of the population pays Income Tax and the wealth is not necessarily with that 3 percent alone.”
Adding, “It’s with a much broader diaspora of the population, something like an Inheritance Tax will bring more people under the tax net. Especially for people who are extremely affluent… when they pay Inheritance Tax, it will give the government a certain amount of gunpowder to go out and do the reforms which are necessary in the society today…”
Such posts can be seen here, here, here and here.
Also Read: Did Congress Say It Will Implement Inheritance Tax If Voted To Power?
Fact Check/Verification
On closely analysing the video, we noticed the watermark of news outlet Mint on the top right corner of the footage.
Taking a clue, we looked up keywords “Mint,” “Nikhil Kamath” and “Inheritance Tax” on Google which led us to a YouTube video by the news outlet, dated January 28, 2022. The description of the video stated, “Nikhil Kamath, Co-Founder Zerodha tells Mint on why he thinks inheritance tax has to be reintroduced in India. Kamath makes a point that by taxing affluent once a generation and reducing the current income tax rates will not only widen the tax base but also encourage entrepreneurship in India.”
At the counters of 1:24 minutes, we were able to spot the viral footage where Kamath is heard advocating for Inheritance Tax.
The video was also uploaded on the official Facebook page of Mint on January 28, 2022.
A report by Mint, dated April 25, 2024, also elaborated on the old video of Kamath that has gone viral amid the ongoing controversy around Inheritance Tax. It stated, “In the video, Kamath expresses his support for inheritance tax in India. “When wealth is passed down from one generation to another, there needs to be a mechanism in place to redistribute a portion of it. Inheritance tax has ample precedence,” Kamath stated in this conversation with Mint.”
Adding, “He further suggested that such a measure targeting the ‘extremely affluent’ could provide the government with the necessary resources to undertake required reforms. Kamath added that inheritance tax could be a viable means to achieve this objective.”
In a report, dated April 25, 2024, Business Today also detailed the old video of Kamath’s interaction with Mint that has gone viral amid the Inheritance Tax row.
Also Read: Old Video Of Alleged Vote Rigging At A Polling Booth Goes Viral Amid Lok Sabha Polls
Conclusion
We could thus conclude that a two-year-old video of Zerodha Co-founder Nikhil Kamath advocating for Inheritance Tax has been shared as recent amid the ongoing political row.
Result: Missing Context
Sources
YouTube Video By Mint, Dated January 28, 2022
Facebook Post By Mint, Dated January 28, 2022
Report By Business Today, Dated April 25, 2024
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Authors
Vasudha noticed the growing problem of mis/disinformation online after studying New Media at ACJ in Chennai and became interested in separating facts from fiction. She is interested in learning how global issues affect individuals on a micro level. Before joining Newschecker’s English team, she was working with Latestly.
Pankaj Menon is a fact-checker based out of Delhi who enjoys ‘digital sleuthing’ and calling out misinformation. He has completed his MA in International Relations from Madras University and has worked with organisations like NDTV, Times Now and Deccan Chronicle online in the past.
