TaxTMI 
TaxTMI 
Clarifications with respect to Gold Jewellery under Income Tax Law
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....larifications with respect to Gold Jewellery under Income Tax Law <br>News and Press Release<br>Dated:- 14-12-2016<br><BR>Government of India Ministry of Finance Department of Revenue Central Board....
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.... of Direct Taxes New Delhi, 01 December, 2016. PRESS RELEASE In order to remove any doubt about the current position of Income Tax Law with respect to gold jewellery, the following points are categ....
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....orically clarified: * There is no limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of income including inheritance * Vide circular dated 11....
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.....5.1994, instructions have been issued in the matter of search and seizure of gold jewellery. * Jewellery and ornaments to the extent of 500 gms for married lady, 250 gms. for unmarried lady and 100....
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.... 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. * Officer conducting search has discretion not to seize even highe....
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....r quantity of gold jewellery based on factors including family customs and traditions. (Meenakshi J. Goswami) Commissioner of Income Tax (Media and Technical Policy) Official Spokesperson, CBDT.<B....
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....R> News - Press release - PIB....