Government Clarifies Exemption Limits to hold Gold

Government Clarifies Exemption Limits to hold Gold  To carry out the search operations for black money, thegovernmenton December 1, 2016, has clarified the exemption limits for seizure of gold jewellery and ornaments. A reference to instruction No.1916 is also invited by the Finance Ministry which provides that during the search operations, no seizure of gold jewellery and ornaments to the

extent of 500 grams per married lady, 250 grams per unmarried lady and 100 grams per male member of the family shall be made.. Further, legitimate holding of jewellery up to any extent is fully protected. The   government clarification comes in response to apprehensions arising from the amendments to the tax laws proposed through the Taxation Laws (Second Amendment) Bill, 2016, passed by the Lok Sabha to deal with the situation arising out of the November 8 demonetisation measure.

iv. The Taxation Laws (Second Amendment) Bill, proposes up to 85 per cent tax and penalty on undisclosed wealth that is discovered by tax authorities during search and seizure