You are here: Home » Government Press Release » News
Business Standard

Various points clarified with respect to gold jewellery and ornaments; No limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of income including inheritance.

Delhi 

Various points clarified with respect to gold jewellery and ornaments; No limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of including inheritance.

In order to remove any doubt about the current position of Tax Law with respect to gold jewellery and ornaments, the following points are hereby categorically clarified:

(a) There is no limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of including inheritance

(b) Vide circular dated 11.5.1994, instructions have been issued in the matter of search and seizure of gold jewellery.

(c) Jewellery and ornaments to the extent of 500 gms for married lady, 250 gms. for unmarried lady and 100 gm for male member will not be seized, even if prima facie, it does not seem to be matching with the record of the assesse.

(e) Officer conducting search has discretion not to seize even higher quantity of gold jewellery based on factors including family customs and traditions.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

RECOMMENDED FOR YOU

Various points clarified with respect to gold jewellery and ornaments; No limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of income including inheritance.

Various points clarified with respect to gold jewellery and ornaments; No limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of income including inheritance.
Various points clarified with respect to gold jewellery and ornaments; No limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of including inheritance.

In order to remove any doubt about the current position of Tax Law with respect to gold jewellery and ornaments, the following points are hereby categorically clarified:

(a) There is no limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of including inheritance

(b) Vide circular dated 11.5.1994, instructions have been issued in the matter of search and seizure of gold jewellery.

(c) Jewellery and ornaments to the extent of 500 gms for married lady, 250 gms. for unmarried lady and 100 gm for male member will not be seized, even if prima facie, it does not seem to be matching with the record of the assesse.

(e) Officer conducting search has discretion not to seize even higher quantity of gold jewellery based on factors including family customs and traditions.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Various points clarified with respect to gold jewellery and ornaments; No limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of income including inheritance.

Various points clarified with respect to gold jewellery and ornaments; No limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of including inheritance.

In order to remove any doubt about the current position of Tax Law with respect to gold jewellery and ornaments, the following points are hereby categorically clarified:

(a) There is no limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of including inheritance

(b) Vide circular dated 11.5.1994, instructions have been issued in the matter of search and seizure of gold jewellery.

(c) Jewellery and ornaments to the extent of 500 gms for married lady, 250 gms. for unmarried lady and 100 gm for male member will not be seized, even if prima facie, it does not seem to be matching with the record of the assesse.

(e) Officer conducting search has discretion not to seize even higher quantity of gold jewellery based on factors including family customs and traditions.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard