By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
NorthBridge TimesNorthBridge Times
  • Auto
    • Bikes
  • Entertainment
    • Bollywood
    • Celebrity
    • Hollywood
  • Events
  • Festival
    • Diwali
    • Holi
  • Sports
    • NBA
    • Basket Ball
    • Cricket
    • Hockey
  • Health
    • COVID-19
  • Technology
Search
© 2022 NorthBridge Times. All Rights Reserved.
Reading: Gold & jewellery bought through disclosed or exempted income is safe, would not be taxed
Share
Aa
NorthBridge TimesNorthBridge Times
Aa
Search
Follow US
© 2022 NorthBridge Times. All Rights Reserved.




Home – India

Gold & jewellery bought through disclosed income is safe, tax on gold not to be imposed by GOI
IndiaBusiness

Gold & jewellery bought through disclosed or exempted income is safe, would not be taxed

Ankita Sharma
Ankita Sharma Published December 2, 2016
Last updated: 2016/12/02 at 10:31 AM
Share
2 Min Read
SHARE

On Thursday, the government quashed the rumours that the ancestral jewellery will be taxed under the Taxation Laws (Second Amendment) Bill 2016 and said that there will be no tax on gold bought from the disclosed income sources.

No tax on gold bought through disclosed/exempted income

Gold & jewellery bought through disclosed income is safe, tax on gold not to be imposed by GOI

“It is clarified that the jewellery/gold purchased out of disclosed income or out of exempted income like agricultural income or out of reasonable household savings or legally inherited which has been acquired out of explained sources is neither chargeable to tax under the existing provisions nor under the proposed amended provisions.”

-a government statement said

In a following statement the government said – “Jewellery and ornaments to the extent of 500 gms for a married lady, 250 gms for an unmarried lady and 100 gm for the male member will not be seized, even if prima facie, it does not seem to be matching with the income record of the assessee.”

Also, the GOI made it clear that all the gold holdings bought with the disclosed income will not be taxed and thus any amount of jewellery bought through legitimate means is absolutely safe.

However, there has not been any statement on the chargeability of tax on gold as yet by the government as clarified by the notification of the Central Board of Direct Taxes (CBDT) on Thursday. It said – “The jewellery/gold purchased out of disclosed income or out of exempted income like agricultural income or out of reasonable household savings or legally inherited which has been acquired out of explained sources is neither chargeable to tax under the existing provisions nor under the proposed amended provisions.”

CBDT further said that the tax rate as under section 115BBE of the Income Tax Act will be increased for the undisclosed income sources primarily in cases where the illegitimate income is described as ‘unexplained cash or asset’ by many of the black money hoarders.

You Might Also Like

Apple Current Worth is More Than Alphabet, Amazon and Meta Combined

Stock Market: Asian Markets Looking Strong

Best Diwali Sandesh to Soldiers Greetings, Wishes, Messages to Indian Army

Diwali Crackers Harmful Effects: Top 6 Reasons Why You Should Give Up Bursting Crackers

Diwali Sizzle: Top Best Diwali Dresses To Try Out On This Festival Of Lights

TAGGED: CBDT, GOI, gold taxation laws, india, tax on gold

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
[mc4wp_form]
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Ankita Sharma December 2, 2016
Share this Article
Facebook TwitterEmail Print
Share
Previous Article NADA likely to hit Tamilnadu, End semester Exams postponed, Check new exam dates NADA likely to hit Tamilnadu, End semester Exams postponed, Check new exam dates
Next Article mummy 2017 poster The Mummy 2017 Teaser: A New Tale of Gods and Monsters
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.




Latest News

Apple Current Worth is More Than Alphabet, Amazon and Meta Combined
Apple Current Worth is More Than Alphabet, Amazon and Meta Combined
Business Economy November 7, 2022
Stock Market: Asian Markets Looking Strong
Stock Market: Asian Markets Looking Strong
Economy Business November 7, 2022
Home Study Courses
Managing a Small Business: 5 Tips for Long Term Growth
Business May 7, 2022
Medical Supplies Can Protect You When You Work With Radiation
Which marketing techniques are likely to benefit your manufacturing business?
Business February 17, 2022

You Might also Like

Apple Current Worth is More Than Alphabet, Amazon and Meta Combined
BusinessEconomy

Apple Current Worth is More Than Alphabet, Amazon and Meta Combined

November 7, 2022
Stock Market: Asian Markets Looking Strong
EconomyBusiness

Stock Market: Asian Markets Looking Strong

November 7, 2022
Diwali Sandesh to Soldiers
IndiaFestival

Best Diwali Sandesh to Soldiers Greetings, Wishes, Messages to Indian Army

October 15, 2022
Diwali Crackers Harmful Effects
FestivalDiwaliIndia

Diwali Crackers Harmful Effects: Top 6 Reasons Why You Should Give Up Bursting Crackers

October 14, 2022

NBT

We influence 20 million users and is the number one business and technology news network on the planet.

Quick Link

  • Home
  • About Us
  • Contact Us
  • Privacy Policy
  • Advertise With Us
March 2023
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031  
« Feb    
NorthBridge TimesNorthBridge Times
Follow US

© 2015-2022 NorthBridge Times. All Rights Reserved.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?