Jewellery can be seized by Income Tax Department

Written by

S. Baskar

Senior Financial Analyst

Presently there is no law which restricts owning of gold or gold jewellery by us. The CBDT issued a circular on 11-May-1994, Which was further clarified in a press release, Starting that no proof of investment is necessary for gold possessed within the authorized.

Wealth Tax Return

In case of wealth tax assesses, Gold jewellery and ornaments found in excess of gross weight declared in the wealth tax return.

Specified Limit

In the case of a person not assessed to wealth-tax, gold jewellery and ornaments to the extent.

Status, Customs, Community

The authorized officer may having regard to the status of the family and the customs and practices of the community to which the family belongs and others circumstances of the case, decide to exclude a larger quantity of jewellery and ornaments from seizure.

Read More:

Article2.pdf

Download PDF • 607KB