Insta
On Taxing Jewellery Or Gold, Finance Ministry Offers A Clarification
Swarajya Staff
Dec 01, 2016, 04:10 PM | Updated 04:10 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
The Finance Ministry has called “baseless” the idea that jewellery bought out of disclosed or exempted income or reasonable household savings is taxable.
Apprehension that jewellery with household acquired-out of disclosed sources or exempted income shall become taxable,is unfounded & baseless
— Ministry of Finance (@FinMinIndia) December 1, 2016
It offers a clarification.
Govt clarifies jewellery/gold purchased out of disclosed income or exempted income or reasonable household savings is NOT chargeable to tax
— Ministry of Finance (@FinMinIndia) December 1, 2016
Also not taxable is the jewellery or gold inherited legally and acquired out of explained sources.
Govt further clarified that jewellery/gold legally inherited & acquired out of explained sources, is also NOT chargeable to tax.
— Ministry of Finance (@FinMinIndia) December 1, 2016
On the seizure of gold jewellery, Finance Ministry says:
No seizure of gold jewellery to extent of 500 gms per married lady, 250 gms per unmarried lady and 100 gms per male: Finance Ministry
— ANI (@ANI_news) December 1, 2016
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.