Govt says ancestral jewellery, gold from disclosed income will not be taxed
Government on Thursday clarified that rumours doing rounds that gold jewellery including ancestral jewellery shall be taxed at 75 per cent plus cess with a further penalty liability of 10 per cent is unfounded & baseless.
- Dec 1, 2016,
- Updated Dec 1, 2016 8:35 PM IST
Government on Thursday clarified that rumours doing rounds that gold jewellery including ancestral jewellery shall be taxed at 75 per cent plus cess with a further penalty liability of 10 per cent is unfounded & baseless.
Gold purchased out of disclosed income or exempted income or reasonable household savings is not chargeable to tax, the government said in a press release.
"There will be no seizure of gold jewellery and ornaments to the extent of 500 grams per married lady, 250 grams per unmarried lady and 100 grams per male member of the family during search operations," the government said.
Legitimate holding of jewellery upto any extent is fully protected.
The clarification comes in the wake of Taxation Laws (Second Amendment) Bill, 2016 which has been passed by the Lok Sabha and is under consideration with Rajya Sabha.
Government on Thursday clarified that rumours doing rounds that gold jewellery including ancestral jewellery shall be taxed at 75 per cent plus cess with a further penalty liability of 10 per cent is unfounded & baseless.
Gold purchased out of disclosed income or exempted income or reasonable household savings is not chargeable to tax, the government said in a press release.
"There will be no seizure of gold jewellery and ornaments to the extent of 500 grams per married lady, 250 grams per unmarried lady and 100 grams per male member of the family during search operations," the government said.
Legitimate holding of jewellery upto any extent is fully protected.
The clarification comes in the wake of Taxation Laws (Second Amendment) Bill, 2016 which has been passed by the Lok Sabha and is under consideration with Rajya Sabha.