500 gm for married women, 250 gm for single women, 100 gm per man : Gold limit
- Rumours that the government will come after your gold after demonetization were put to rest by the Ministry of Finance (MoF) on Thursday.
- The MoF said that jewellery up to 500 gm per married lady, 250 gm per unmarried lady and 100 gm per male member of the family will not be seized in the event of an income-tax (I-T) raid.
- As per Section 132 of the I-T Act, the above-mentioned quantum of gold or jewellery cannot be seized during a search operation.
- If it is a survey, the I-T team cannot take away any valuables.
- Jewellery that is inherited or at bought with declared wealth will not be taxed
- Also, the ceiling of 500 gm, 250 gm and 100 gm, respectively, can be raised at the discretion of the assessing officer.
- In a statement, Meenakshi J Goswami, I-T Commissioner and Spokesperson of the Central Board of Direct Taxes (CBDT), clarified that jewellery bought from disclosed income will not be taxed under existing or proposed amended provisions.
- No seizure of gold jewellery and ornaments to the extent of 500 gm per married lady, 250 gm per unmarried lady and 100 gm per male member of the family shall be made.
- The jewellery/gold purchased out of disclosed income or out of exempted income like agricultural income or out of reasonable household savings or legally inherited which has been acquired out of explained sources is neither chargeable to tax
- The Bill, which is currently under consideration of the Rajya Sabha, will amend Section 115BBE of the Income Tax Act to provide for a steep 60 per cent tax and a 25 per cent surcharge on it (total 75 per cent) for black money holders.
- Another section inserted provides for an additional 10per cent penalty on being established that the undeclared wealth is unaccounted or black money, taking the total incidence of levies to 85 per cent.
- The government said there is no limit on legitimate holding of gold and jewellery, including from inheritance, and there would be no seizure of bullion up to a certain limit even if that does not seem to match income.
- “There is no limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of income including inheritance,” the Finance Ministry said in a statement.
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