No Tax on Jewellery from ancestors

gold-jewelleryA bit of relief for Indian women,who were worried to disclose their Gold reserves. The Jewellery and gold in all its form purchased out of disclosed income or legally inherited from ancestors are not chargeable to tax.

Finance Minister Arun Jaitley speaking at a seminar on ‘Indian Economy- The New Norm’ said, No seizure of Gold jewellery to extent of 500 gms per married lady, 250 gms per unmarried lady and 100 gms per male.

Union Min Venkaiah Naidu said, There is no new amendment in IT act vis-à-vis gold, some elements are creating unnecessary confusion.If gold is ancestral or has been in possession for long,no explanation is needed. No clarification required on what we call streedhan.