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All you need to know about tax on gold and jewellery

There will be no seizure of gold jewellery and ornaments to the extent of 500 gm per married woman, 250 gm per unmarried woman and 100 gm per male member

BS Web Team & PTI  |  New Delhi 

Amendments to the I-T laws do not seek to tax inherited gold and jewellery as also those items that are purchased through disclosed or agriculture income, the government said on Thursday. The Lok Sabha earlier this week passed the Taxation Laws (Second Amendment) Bill, which proposes steep tax and penalty of up to 85 per cent on undisclosed wealth discovered by tax authorities during search and seizure. Dispelling rumours that jewellery would be covered under the amended law, the Central Board of Direct Taxes (CBDT) said the government had not introduced any new ...

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