MONEY
There is no limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of income including inheritance.
The Indian government has come out with a clarification regarding the seizure of gold. After there were rumours spread across the country that personal possession of gold in excess will be seized, the government decided to come up with a clarification so that there is no confusion.
Rumours suggested that all gold jewellery, including the ones inherited from the ancestors, shall be taxed 75% plus cess with a further penalty liability of 10% of tax payable.
The government of India have brushed aside all these rumours and has said that the existing Bill will continue to remain the same. There will be no changes made to the section 69, 69A & 69B in this case.
Here are few things that you need to know which the government has said on Thursday: