Various points clarified with respect to gold jewellery and ornaments; No limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of income including inheritance

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....arious points clarified with respect to gold jewellery and ornaments; No limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of income including i....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nheritance <br>News and Press Release<br>Dated:- 1-12-2016<br><BR>In order to remove any doubt about the current position of Income Tax Law with respect to gold jewellery and ornaments, the following ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....points are hereby categorically clarified: (a) There is no limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of income including inheritance ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... (b) Vide circular dated 11.5.1994, instructions have been issued in the matter of search and seizure of gold jewellery. (c) Jewellery and ornaments to the extent of 500 gms for married lady, 250 gm....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s. for unmarried lady and 100 gm for male member will not be seized, even if prima facie, it does not seem to be matching with the income record of the assesse. (d) Officer conducting search has dis....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....cretion not to seize even higher quantity of gold jewellery based on factors including family customs and traditions.<BR> News - Press release - PIB....