A week after demonetisation,worth a billion dollar was imported. But, in the past couple of days, with the I-T department issuing 600 notices to jewellers, and also asking banks to report deposits, the thrifty “business” of transferring old cur
Seeking to quell apprehensions based on rumours, the government said there is no limit on legitimate holding of, including from inheritance, and there would be no seizure of bullion up to a certain limit even if that does not seem to match income.
“There is no limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of income including inheritance,” the Finance Ministry said in a statement.
As rumours of government crack down on gold holdings raged, the ministry first came out with a statement saying the steeper up to 85 per cent tax in the new Taxation Laws Amendment bill will not apply to legitimate gold holding, including those acquired through inheritance or agricultural income.
However, with apprehensions continuing to persist in the absence of clarity on limit of holding, the ministry came out with another statement hours later saying there is no limit on gold holding from explained sources of income.