Inherited gold and jewellery will not be taxed, says government

Updated: Dec 02, 2016, 14:29 IST | Agencies |

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 on Thursday

New Delhi: 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 on undisclosed wealth that is discovered by tax authorities during search and seizure.

Dispelling rumours that jewellery would be covered under the amended law, the Central Board of Direct Taxes (CBDT) said the government has not introduced any new provision regarding chargeability of tax on jewellery.

During search operations, conducted by I-T Department, there would be no seizure of gold jewellery and ornaments to the extent of 500 grams per married women, 250 gm per unmarried women as also 100 gm per male member of the family, the CBDT said.

The Bill, which is currently under consideration of the Rajya Sabha, will amend Section 115BBE of the Income Tax Act to provide for a steep 60 per cent tax and a 25 per cent surcharge on it (total 75 per cent) for black money holders.

Parliament stalled
For the 11th consecutive day, Opposition stalled Parliament yesterday even though Prime Minister Narendra Modi was present in the Rajya Sabha, a demand they have been making for resumption of debate on demonetisation. Changing stance, the Opposition now demanded apology from the PM for his utterances in which he had targeted those opposing demonetisation.

I-T dept, cops seize Rs 4.7 crore in new currency
New Delhi: In the biggest seizure of cash in new currency post demonet-isation, the Income Tax department yesterday confiscated over Rs 4 crore during searches in a dozen premises in Bengaluru and other locations. Officials said the searches were launched on the premises of two engineers, working with the state government, and some “connected persons”. Over 50 I-T sleuths and cops were involved in the operation. “During the searches Rs 4.7 crore cash in Rs 2,000 notes and 0.3 crore in old/ smaller denominations totalling Rs 5 crore and 7 kg bullion worth approxi-mately Rs 2 crore were found in a flat owned by a civil contractor.

500 gm
Quantity of jewellery allowed to married woman

250 gm
Quantity of jewellery allowed to unmarried woman

100 gm
Quantity of jewellery allowed to male member

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