NEW DELHI: The Finance Ministry on Thursday said that the Amended I-T Act will not apply to tax jewellery/ gold purchased out of disclosed income or exempted income or reasonable household savings.
The Amended I-T Act will also not apply to tax ancestral jewellery and gold, the ministry said.
"There will be no seizure of gold jewellery up to 500 gm per married lady, 250 gm per unmarried lady and 100 gm per male in I-T searches," the finance ministry said in a statement.
The Lok Sabha on November 29 passed the Taxation Laws (2nd Amendment) Bill, 2016 that seeks to tax money deposited in banks post demonetisation. .