Скачать или смотреть No Proof for Gold

The Central Board of Direct Taxes had issued a press release in Dec 2016, wherein it declared that one could hold gold Jewellery without any limit provided that the source of investment or inheritance can be proved. Also, the income of the taxpayer should be in line with the quantity of the gold held.

However, there is a maximum quantity of the gold one can hold without invoice and shall not be seized by the income tax authorities at the time of search in premises. The allowable limits are:
Married woman - 500gms
Unmarried woman - 250gms
Man - 100 gms
Please note even a higher quantity of gold may be left unseized based on the assessing officer’s discretion.

If the taxpayer fails to provide an explanation, then the gold will be seized under section 132 and it will be taxable u/s 69B read with section 115BBE of the Income Tax Act.
The rates prescribed under section 115BBE are 60% plus a surcharge of 25% plus health & education cess @ 4% (Total = 78%) along with a penalty of 10% on such tax.

Thus, an individual receiving gold more than the maximum limit inheritance or other modes should declare the same in the income tax return and have proper invoices, deeds and source.

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