INDIA SETS LIMIT ON GOLD AVAILABLE IN YOUR HOME
In hunt of black money, Indian government now set the limit of gold to be in Indian home per family including each member like married women, unmarried women and men. Earlier in hunt of black money Indian government bans 500 and 1000 rupees notes in whole India within a night. Trending : Indian rupee fall down against dollar
According to the latest information revealed by Indian government, The new limit of gold in the form of jewelry and ornaments for each family member is
- For Married women : 500 grams of gold
- For Unmarried women : 250 grams of gold
- For Men or male member : 100 grams of gold
- If your family member have more than the above limit, It can be seize by government, holding legitimate jewelry up to any extent is fully protected. Most Viewed : NRI's can exchange their old 500 & 1000 rupees notes
- Indian government is looking to get Income tax on gold that bought through black money. Government and Income tax officials are planning to raid on the gold holders to find out the gold available. Recommend : India bans 500 and 1000 rupees notes for hunting black money
- According to new Income tax law, Unaccounted investments in gold will be taxed at 60% plus 25% surcharge and cess. Income tax officials will be asked about the money details from which you bought gold.
- No tax on gold jewelry that purchased through disclosed income, Only unaccountable income will be taxed. Hot : Money exchangers lose 2 Billion Indian rupees
- After the clarification of gold limit per each member of family, It is expecting the gold businesses may slip down. Related : Indians sending less money to their families
