No tax on Gold from declared income

no-tax-on-gold-from-declared-income
Dec 09, 2016 Share

After Demonetization government has amendments to I-T laws over Gold. On Thursday Finance Ministry declared that there is no limit on holding gold if acquired form declared income, which includes inheritance. Parameters to hold gold is 500 grams per married women, 250gm per unmarried women as also 100gm per male member of the family.

Any jewellery purchased out of disclosed income, household savings, legally inherited or from exempted income is not chargeable under the act. The provision of section 115BBE would apply to cases where there is unexplained cash or doubtful business income and detected by assessing officer.

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