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How much amount gold purchase finical year

kollipara sundaraiah (B.com) (2895 Points)

06 November 2021

it assess how much amount limit purchase of gold (jewellery) one financial year in it act.

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CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 07 November 2021

There is no such limit

Shankar Rugge (369 Points)
Replied 07 November 2021

CBDT had clarified that jewellery and ornaments to the extent of 500 grams for married lady, 250 gms for unmarried lady and 100 gram for male will not be seized, even if prima facie it does not seem to be matching with the disclosed income records of that individual. “Therefore till the time the source of income for the acquisition of gold is in place, the assessee shall not be afraid of any raid by income tax,” she said.