Married Woman 500g and Unmarried 250g; Government impose Tax on Gold - chaprama | Insights from the world of Technology and Lifestyle

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Thursday, December 1, 2016

Married Woman 500g and Unmarried 250g; Government impose Tax on Gold

This is really a bad news for Indian women. After Demonetization, Government is taking several steps to regain black money from the culprits. Now Government of India has put regulations of Gold held by an individual person.


For these some amendments have been made to  the I-T laws that don't penalize acquired gold and gems as likewise those things that are obtained through uncovered or agriculture income, the IT department said on Thursday.



 

The Lok Sabha a few days back passed the Taxation Laws (Second Amendment) Bill, which proposes a 85% of penalty for the undisclosed income. 

Gold bought out of disclosed income or out of income from agriculture income or lawfully acquired which has been procured out of clarified sources is not chargeable or penalized, the CBDT said.


 

Following are the limit for Gold ornaments that can be held by an individual


  • Married Woman: 500g
  • Unmarried Woman: 250g
  • Any Man: 100g


So, if you hold gold within the prescribed limits, you not worry. If you exceed the limits, the condition is that the gold should be acquired from disclosed income or agri-based income or inherited source.

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