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GOOD NEWS: No tax on gold or jewellery from known income

New Delhi: A good news came for the public of India. There is no tax on gold or jewellery which is bought from the disclosed income.

On Thursday, the finance ministry said that  there is no limit on holding of gold jewellery by anybody provided it is acquired from explained sources of income, including inheritance.

Tax authorities will not seize jewellery or ornaments up to 500 grams for a “married lady,” 250 grams for an “unmarried lady” and 100 grams for a male individual.

Many rumors started after the Taxation Laws (Second Amendment) Bill, 2016 was passed by the Lok Sabha. The bill is currently under the Rajya Sabha's consideration. 

The ministry said that "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."

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