Headline • Bollywood celebs urges their fans to donate for Kerala flood• Kerala flood: Death toll rises to 324, fresh red alert in 13 districts of Kerala• Former PM Vajpayee cremated with full state of honours in Smriti Sthal• People pays tribute during Varanasi's ganga arti to Former PM Atal Bihari Vajpayee• Bollywood celebs took twitter to express their pain on Former PM's demise • Mortal remains of Former PM Vajpayee being taken to Smriti Sthal • As a mark of respect, several states declares public holiday on Atalji's demise• Neighbouring country Pakistan pays tribute to Former PM Atal Bihari Vajpayee• Huge crowd gathers at BJP HQ, pays tribute to the mortal of former PM Vajpayee• PM Modi, Rahul Gandhi and others visited Vajpayee's residence, pays tribute• The Former PM and BJP stalwart Atal Bihari Vajpayee dies at 93• Truck crushes bike rider to death in Uttar Pradesh• Gujarat's Sterling Biotech owner held in Dubai for 5000 cr fraud case• Gold and Satyameva Jayate records their highest day 1 collecttion, at the box office• Former Indian test captain Ajit Wadekar passes away at 77• School van carrying 25 childrens over-turns in farm, in Hamirpur• In Kaabul suicide bombing, 47 died and 67 injured• Vajpayee's condition worsens, leaders continue to visit ailing Former PM AT AIIMS • Kerala flood: death toll rises to 72,Kochi airport shut for four days• Kerala on red alert: CM Vijayan asks Rajnath for additional teams of Army, NDRF• Former PM Atal Bihari Vajpayee's condition critical, put on life support system• United States praises India for becoming a leading Global power• First poster of Kangana's "Manikarnika" is out on Independence day• In UP students of Islamic institute hosts flag on Independence day• CM Rawat hosts National flag on 72nd independence day in Uttrakhand

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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