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.

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.