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On Taxing Jewellery Or Gold, Finance Ministry Offers A Clarification
Swarajya Staff
Dec 01, 2016, 04:10 PM | Updated 04:10 PM IST
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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
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