Om Namo Venkatesaya

Surgical Strikes on Gold : Finance Ministry issues clarification

Finance Ministry in its latest notification said that the newly Amended I-T Act will not apply to tax golden jewellery purchased out of disclosed income. In the latest released statement issued by the finance ministry, it said that there will be no seizure of gold jewellery up to 500 gm possed by a married lady, 250 gm possessed by unmarried lady and 100 gm possessed by a male. However, the government clarified that it has no proposal to restrict holding of gold by individuals.