Tax on gold

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 December 2016 As the wealth tax is not existing now, the today's announcement of Finance Ministry that "tax payers having excess gold than stipulated must have maintained Wealth Tax else, it would be taxable at 82.5% plus penalty" should be understood in waht sense,

in short,

"what is the tax liability of an individual as of today, if in possession of excess of limit of Gold as ornaments, including that purchased in recent past."
Thank you.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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01 December 2016 If you hold unaccounted investment in gold and jewellery will be taxable @60% plus 25% sur charge on tax total liability 75% will be taxed.