Government Clarifies Exemption Limits to hold Gold

Government Clarifies Exemption Limits to hold Gold  To carry out the search operations for black money, thegovernmenton December 1, 2016, has clarified the exemption limits for seizure of gold jewellery and ornaments. A reference to instruction No.1916 is also invited by the Finance Ministry which provides that during the search operations, no seizure of gold jewellery and ornaments to the

Amendments to I-T laws: No tax on ancestral jewellery, purchase from disclosed income

NEW DELHI: 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 today. The Lok Sabha earlier this week passed the Taxation Laws (Second Amendment) Bill, which proposes a steep up to 85 per cent tax and penalty on undisclosed wealth that is discovered by tax authorities during