{"id":578,"date":"2016-12-01T23:57:55","date_gmt":"2016-12-01T18:27:55","guid":{"rendered":"https:\/\/blog.ritulpatwa.com\/?p=578"},"modified":"2016-12-01T23:57:55","modified_gmt":"2016-12-01T18:27:55","slug":"no-restriction-on-gold-jewellery-in-india","status":"publish","type":"post","link":"https:\/\/blog.ritulpatwa.com\/?p=578","title":{"rendered":"NO RESTRICTION ON GOLD JEWELLERY IN INDIA"},"content":{"rendered":"

It\u00a0 has come to our knowledge through media news that the Government\/ CBDT has restricted the Gold Holding for an Household after demonetization of Old Currency Notes to the following Limits:-<\/p>\n

    \n
  1. Married Women \u2013 500 Grams<\/li>\n
  2. Unmarried Lady \u2013 250 Grams<\/li>\n
  3. Men \u2013 100 Grams<\/li>\n<\/ol>\n

     <\/p>\n

    We hereby clarify that these news items are factually incorrect and based on rumours and half baked information. The facts of the issue are noted below:-<\/strong><\/p>\n

     <\/p>\n

    FACTS OF THE ISSUE<\/span><\/p>\n

     <\/p>\n

      \n
    1. The aforesaid news is spread on the basis of CBDT Instruction No. 1916 dated 11-05-1994<\/span> in which CBDT has prescribed relief of the amount that will not be seized during a Search. The draft Instruction is enclosed as Annexure \u2013 I;<\/strong><\/li>\n
    2. The limits prescribed above are in the form of Relief to a Family during the course of Search u\/s 132 of the Income Tax Act, 1961 \u2013 wherein the Gold found during a search u\/s 132 shall not be seized to an extent prescribed above;<\/li>\n
    3. No instruction has been issued by the Government after Demonitisation to restrict the Gold Holding of an Individual\/ Family from any disclosed sources of Income or exempted income or inherited by an individual;<\/li>\n<\/ol>\n

       <\/p>\n

      The Central Government has issued a clarification on 01-12-2016 in this regard (copy of the clarification is enclosed as Annexure \u2013 II<\/strong>). The caption of the Clarification is noted below:-<\/p>\n

       <\/p>\n

      \u201cGovernment clarifies that the apprehension sought to be created that the jewellery with the household which is acquired-out of disclosed sources or exempted income shall become taxable under the proposed Taxation Laws (Second Amendment) Bill, 2016, is totally unfounded and baseless.\u201d<\/em><\/strong><\/p>\n

       <\/p>\n

      The country is passing through a paradigm change and it is very essential for the public to avoid any Panic based on unverified Media Reports or Social Media messages. We will be happy to provide any further clarification or information in the aforesaid matter.<\/p>\n

      \"no-restriction-on-gold-holding-2\"<\/a> \"no-restriction-on-gold-holding-3\"<\/a><\/p>\n

       <\/p>\n","protected":false},"excerpt":{"rendered":"

      It\u00a0 has come to our knowledge through media news that the Government\/ CBDT has restricted the Gold Holding for an Household after demonetization of Old Currency Notes to the following Limits:- Married Women \u2013 500 Grams Unmarried Lady \u2013 250 Grams Men \u2013 100 Grams   We hereby clarify that these news items are factually …<\/p>\n

      NO RESTRICTION ON GOLD JEWELLERY IN INDIA<\/span> Read More »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"categories":[4],"tags":[12,282,283,284,285],"class_list":["post-578","post","type-post","status-publish","format-standard","hentry","category-chartered-accountants-ca","tag-ca-in-jaipur","tag-gold-holding-limit-in-india","tag-gold-jewellery-limit-in-india","tag-government-restriction-on-gold-holding-in-india","tag-restriction-on-gold-jewellery"],"_links":{"self":[{"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=\/wp\/v2\/posts\/578","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=578"}],"version-history":[{"count":2,"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=\/wp\/v2\/posts\/578\/revisions"}],"predecessor-version":[{"id":582,"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=\/wp\/v2\/posts\/578\/revisions\/582"}],"wp:attachment":[{"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=578"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=578"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=578"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}