No tax on gold/jewellery purchased out of disclosed income: Finance Ministry

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| Thursday, December 1, 2016 - 16:40
First Published |
Finance Ministry, Gold seizure, Gold taxes, Amended I-T Act, IT raids, Demonetisation, Narendra Modi, Modi demonetisation, latest news

Jewellery/gold purchased out of disclosed income will not be chargeable to tax.

New Delhi: The Finance Ministry on Thursday said jewellery/gold purchased out of disclosed income or exempted income or reasonable household savings will not be chargeable to tax.

“Jewellery/gold purchased out of disclosed income or exempted income or reasonable household savings not chargeable to tax,” Finance Ministry said.

The Amended I-T Act will not apply to ancestral jewellery and gold, the ministry added.

The government said that during search operations no seizure of gold jewellery up to 500 gm per married lady, 250 gm per unmarried lady and 100 gm per male shall be made.

"There will be no seizure of gold jewellery up to 500 gm per married lady, 250 gm per unmarried lady and 100 gm per male in I-T searches," the finance ministry said in a statement.

After Prime Minister Narendra Modi announced the demonetisation decision on November 8, there were apprehensions that the govt would put some kind of restrictions on the gold holding by individuals.

 

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