Government may consider imposing limit on domestic gold holdings

Do you have gold deposit in bank lockers? Government may consider imposing limit on your domestic gold holding, a finance Ministry official said. Meanwhile, the Cabinet on Thursday night is believed to have discussed amending laws to levy close to 60 per cent income tax on unaccounted deposits in banks above a threshold post demonetisation [...]

By | December 8th, 2016|Revenue|Comments Off on Government may consider imposing limit on domestic gold holdings

No seizure of gold jewellery up to 500g per married lady in Income Tax raids

Amendments to the I-T laws do not seek to tax inherited gold and jewellery as also those items that are purchased through disclosed or agriculture income, the government said today. The Lok Sabha earlier this week passed the Taxation Laws (Second Amendment) Bill, which proposes a steep up to 85 per cent tax and penalty [...]

By | December 2nd, 2016|Revenue|Comments Off on No seizure of gold jewellery up to 500g per married lady in Income Tax raids