After the surgical strike on black money, now Prime Minister Modi has started a surgical strike on gold and those people who are purchasing gold by unfair means and undeclared income. According to this surgical strike on gold, people who are keeping gold out of the limit will have to pay the desirable tax according to rules and a limit will be set of keeping gold by the Indian government. One who will not follow these rules and protocols will be bounded to pay tax
Center government is trying to take a strict action against those who are trying to invest their black money in gold. Finance ministry of India started a this action by which limit of keeping the gold has been announced.
As per report from Finance ministry, new rules has introduced now. According to the new rules a married women, unmarried woman and a common person has been classified to keep the different ratio of gold with them. Not even this but males are also in this list of keeping gold with the announced limit by Indian government.
If anyone tries to cross this limit of keeping gold then government will take an action for getting tax from them according to rule. By an amendment of tax law, government has announced that there will be no tax on gold by ancestors, and gold earned by agriculture or declared income will also be tax free.
On the other hand government also raised an opinion that there is no such rule which can be called as a new rule regarding selling and purchasing of gold. Neither any change took place in this matter. There is no limit on the gold which has purchased by white money. This is only a surgical Strike for those who are trying to purchase gold buy undeclared money or trying to invest black money in gold.
According to few reports, within half an hour of announcement of note banning, gold worth 75 crore has been sold in Mumbai only.
This kind of gold will be free:
- If you have gold purchase by declared amount of your income.
- If you have purchased gold the by the relaxation gaind by the agriculture earning.
- If you your Gold has purchased by fair means or ancestors.
- If you have purchased gold buy your personal saving and also you should be able to provide the data of that money you have saved.
- According to Central Board of Direct taxes ” if you have gold which comes under the above situation then your Gold will be text free and no tax will be applied on that gold or selling of purchasing.