No limit To Gold Jewellery Acquired From Explained Sources – Finance Ministry
Government yesterday said there is no seize of bullion for certain limit even it do not match the income. Finance Ministry clarified the various rumors on the gold and jewellery in the country. It clarified with respect to gold jewellery and ornaments.
Finance Ministry says 'There is no limit on holding the gold jewels or ornaments by anybody provided it is acquired from explained sources of income including inheritance'
'Vide circular dated 11.5.1994; instructions have been issued in the matter of search and seizure of gold jewellery'
'Jewels or ornaments to the extents of 100 gm for male, 250 for unmarried woman and 500 gm for married woman will not be seized, even if prima facie, it does not seem to be matching with the income record of the assesse.'
'Officer conducting search has discretion not to seize even higher quantity of gold jewellery based on factors including family customs and traditions.'
Government further clarified that gold/jewellery legally inherited and acquired out of explained sources is not chargeable to tax.
Finance Ministry also clarified the Old notes will not be accepted in petrol, diesel, and gas outlets. It is also not valid for the purchase of air tickets at airports from the midnight of Dec 2nd. Other exempted categories that have earlier been notified will continue to accept old Rs. 500 notes as per the said notifications.