Vivek Jalan
Quick Summary
There is no limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of income including inheritance. Legitimate holding of jewellery up to any extent is fully protected. Further, w.r.t. seizure of jewellery during Search and seizure, CBDT Instruction
Daily Limit Reached
You have reached your daily limit of 2 Free Articles
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited Articles Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
No, there is no limit on holding gold jewellery or ornaments, provided it has been acquired from explained sources of income, including inheritance. Legitimate holdings are fully protected.
For those not assessed to wealth-tax, jewellery up to 500 gms per married lady, 250 gms per unmarried lady, and 100 gms per male member of the family need not be seized. For wealth-tax assessees, only jewellery exceeding the declared gross weight in the wealth-tax return is subject to seizure.
Yes, an authorised officer can decide to exclude a larger quantity of jewellery based on the family's status, community customs, and other circumstances. This decision must be reported to the Director of Income-tax/Commissioner authorising the search.
If you can explain the source of all your gold jewellery as ancestral, parental, or received on various occasions, and prove the genuineness of any conversion costs for new jewellery, there cannot be any demand on it, as per legal precedents.
A detailed inventory of all jewellery and ornaments found must be prepared. This inventory is used for assessment purposes.
CAclubindia
