Updated By: LatestGKGS Desk
No tax imposition Gold and Jewellery under Second Amendment bill
No imposition of tax on Jewellery and Gold under Second Amendment Bill, 2016
Finance Ministry has decided to not impose tax on Gold and Jewellery which are purchased under disclosed income.
The jewellery purchased out of exempted income or disclosed income will be exempted from taxes under the proposed amendments provisions.
NO seizure till 500 gms per married women, 250 gms per unmarried lady and 100 gms per man
There will not be a seizure of gold jewellery to the extent of 500 gms per marries women, 250 gms per unmarried lady and 100 gms per man.
The amended Income Tax Act will not be applicable to tax ancestral jewellery and gold as this the part of disclosed income.
Lok Sabha earlier passed the Taxation Laws (second Amendment Bill) 2016, which stated that 85% tax and penalty to those who have undisclosed their wealth that is discovered by the authorities during search and seizure.
