There will be no seizure of gold jewellery and ornaments to the extent of 500 gm per married woman, 250 gm per unmarried woman and 100 gm per male member
Amendments to the I-T laws do not seek to tax inherited gold and jewellery as also those items that are purchased through disclosed or agriculture income, the government said on Thursday.
The Lok Sabha earlier this week passed the Taxation Laws (Second Amendment) Bill, which proposes steep tax and penalty of up to 85 per cent on undisclosed wealth discovered by tax authorities during search and seizure.
1. In case of disclosed sources
There is no limit on holding of gold jewellery or ornaments by anybody, provided it is acquired from explained sources of income, including inheritance, agricultural income and reasonable household savings.
2. In case of undisclosed sources
During search operations, no seizure of gold jewellery and ornaments to the extent of 500 grams per married woman, 250 grams per unmarried woman and 100 grams per male member of the family shall be made, even if prima facie, it does not seem to be matching with the income record of the assessee.
3. Other proposal
During search and seizure operations, in case of undisclosed wealth (black money), the government has proposed a steep tax and penalty of up to 85 per cent.
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