New Delhi, Sept. 28 -- Hotmail co-founder Sabeer Bhatia has called for India to consider a 55% inheritance tax, arguing that opportunities should be based on what individuals build rather than what they inherit from their family members.

"If India wants to become a truly competitive nation, it should consider a 55% inheritance tax. Opportunity should come from what you build-not simply from what you inherit," he said in a X (formerly Twitter) post on Saturday.

An inheritance tax is a charge paid by a person who inherits money or property of a person who has died, whereas an estate tax is a levy on the estate, including money and property, of a deceased individual.

Inheritance taxes vary widely in different parts of the world (where it ...