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No tax on jewellery and gold purchased out of disclosed income

IT amendement bill

New Delhi: The newly amended I-T Act will not apply to tax jewellery and gold that has been purchased out of disclosed income or exempted income or reasonable household savings, said finance ministry on Thursday.

There will be no seizure of gold jewellery up to 500 gm per married lady, 250 gm per unmarried lady and 100 gm per male in I-T searches, the ministry said in a statement. Also the Amended I-T Act will not apply to ancestral jewellery and gold.

Earlier this week the Lok Sabha passed the Taxation Laws (Second Amendment) Bill, which proposes a steep, up to 85 per cent tax and penalty on undisclosed wealth that is discovered by tax authorities during search and seizure.

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