Indian shoppers look for gold jewellery and ornaments. Photo credit: NARINDER NANU/AFP/Getty ImagesThe Finance Ministry has called “baseless” the idea that jewellery bought out of disclosed or exempted income or reasonable household savings is taxable.
It offers a clarification.
Also not taxable is the jewellery or gold inherited legally and acquired out of explained sources.
On the seizure of gold jewellery, Finance Ministry says:
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