From Import Duty to GST: Breaking Down Gold Taxation in India
Gold isn't just an ornament anymore; it's become a major investment. Did you know you have to pay taxes when you buy and sell gold?
Gold price skyrocketing
Gold prices in India are soaring. It's a major investment, but did you know about the taxes? Buying gold jewelry or digital gold has a 3% GST, plus 5% GST on making charges.
Tax on importing gold
Importing gold has a 6% customs duty. Gifts from close relatives are tax-free. Selling gold held over 24 months incurs a 12.5% tax on profit; otherwise, it's per your tax slab.
Gold Mutual Fund
Gold ETFs held over 12 months have a 12.5% tax. SGBs are tax-exempt only at maturity. Selling inherited gold also incurs a 12.5% tax. Other sales are taxed per your slab.
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