No Seizure Of Gold Jewellery Up To 500 Gm Per Married Lady: Finance Ministry

 

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. .
 

 

Comments

Cross Town News is the no. 1 Weekly Newspaper and Online News Portal in J&K in term of serious News. The rugged Newspaper & Portal is with a substantial difference to read and presence to feel. This newspaper has a vision to deliver the real side of truth to the public . Since it’s inception in 2013 March, It has become No. 1 News medium for people of J&K. Cross Town News has a mission to deliver high quality news across the nation within fraction of time.

Subscribe Now

Subscribe to our weekly Newsletter.