 "Gold, jewellery inherited or acquired through disclosed income will not be taxed")
The Taxation Laws (2nd Amendment) Bill 2016 will not tax gold or any other jewellery inherited or acquired out of disclosed income, the Finance Ministry clarified on Thursday
As apprehension mounted over the newly amended Income Tax law, the Finance Ministry said that gold purchased out of disclosed income or exempted income or reasonable household savings will not be chargeable to tax.
As apprehension mounted over the newly amended Income Tax law, the Finance Ministry said that gold purchased out of disclosed income or exempted income or reasonable household savings will not be chargeable to tax.
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 said.
Besides, the ancestral Gold or jewellery acquired from explained sources won't be taxed either.
Besides, the ancestral Gold or jewellery acquired from explained sources won't be taxed either.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%