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Gold Prices Rise After Import Duty Hike
Gold Prices Rise After Import Duty Hike: How Much Gold Can Families Keep At Home?
India hikes gold import duty to 15 percent to curb demand and protect forex, CBDT guidelines allow women more tax free gold than men, excess holdings need proof of source
Gold has now again come into focus after the government hiked the import duty to 15 per cent from 6 per cent. In a late-night circular, the government increased the customs duties on precious metals to 15 per cent, including 10 per cent customs and 5 per cent cess.
The rationale behind the import hike is to stop people from buying gold, and eventually to reduce the gold import bill amid the pressure on the forex reserve.
However, prices of gold has risen across India after import duty hike.
Gold is seen as an investment tool in India, where even low-income families prefer to invest in gold. It also intrigues another aspect of gold hoarding in India. At what quantity of gold can a family keep at home without facing tax notices?
The Central Board of Direct Taxes (CBDT) first issued these guidelines in 1994, outlining recommended limits for different family members. These limits act as a threshold: exceeding them is not illegal per se, but individuals must be able to prove the source of their gold. Failure to do so could result in the seizure of gold or jewellery.
Unmarried Daughters: According to CBDT guidelines, an unmarried woman can hold up to 250 grams of gold or gold jewellery without furnishing any proof of purchase or income. If her holdings exceed this limit, she must provide documentation proving the source.
Married Women: The limit for married women is 500 grams, effectively doubling that of unmarried daughters. Any gold above this threshold requires proof of purchase or source of income to avoid scrutiny.
Men: The guidelines are stricter for men. Both sons and husbands are allowed up to 100 grams of gold without showing documentation. Holdings beyond this limit need to be justified with proper receipts or evidence of income.
Family Holdings: For a typical nuclear family of four, this translates into a cumulative limit of 950 grams – 500 grams for the wife, 250 grams for the daughter, and 100 grams each for the husband and son. Any amount beyond this requires proof of the source, failing which the Income Tax Department may intervene.
While these limits are guidelines rather than strict legal caps, they serve as a reference for households and jewellers alike, ensuring transparency in the purchase and storage of gold.
Source: News18.com
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