If a NRI returns to India and he has around rs.60Lakhs in NRe account and US$50000 in FCNR account what will be Tax implications after return to India and How the Tax will be calculated.
in what respect will benifited to the bank who will buy for us.2.What is tax liability a) Income tax b) Sales Tax/Vat.c) Octroi. How is the purity is guranteed. R.n.kapoor
Thanks for the information. example i buy 100k units and wait for it to become 150K in 2-3 years, till then funds are IDEAL, no interst from the gold mutual fund and instead i end up paying custodian charges. Rather give gold to my lady for safe keeping ! Plz share your thougts !
Now Indians can buy ETFs in foreign markets like American Stock Exchange. ETFs can be bought through www.firstrade.com Gold can be bought online without really buying gold. Please visit: www.e-gold.com You can sell gold by buying a debit card linked to your e-gold account. This is easier method than mutual fund.
RE:ETF
by mihir on Feb 09, 2007 08:43 AM
and risky too. if next day you wake up and found site not opening, then forget even the principal amount you invested.
RE:RE:ETF
by Nagendra Rao on Feb 09, 2007 08:47 AM
There is no problem with ETFs in American Stock Exchange. But dont invest in HYIP's which are scams. E-gold is safe.
One reason why gold sales could not take off from banks was there was a sales tax component in the sale of gold which the next door jeweler does not charge. Will the Gold MF price of one gram of gold would be inclusive of sales tax?
Gold purity at entry and exit stages should be defined. Will there be any additional charges for better impurity at the time of redemption? Who will certify the purity and what documentation would be made available for the purity? Are the MF houses capable of handling gold relates issues?
I would like to ask all of you, what will be the composition of Gold i.e 24c, 20c etc, I will be buying when I am purchasing GETF. Vice versa at the time of selling what is the purity of gold I will receive?
This is certainly a question since many of us dont possess gold in the form of biscuits or bricks, but oranments and coins. Ornaments can not be prepared with 24c as it is too delicate to use.
Also, I have some more questions: 1. When I invest in mutual fund, I get some tax benifit for it? 2. Who decides the gold exchange rate? 3. Will the local gold rates will be different from international gold exchange rate?
RE:Purity of Gold at the time of selling
by ash kumar on Feb 08, 2007 08:14 PM
hi akhil, The purity will be mentioned when you buy or sell the gold, GETF wil ensure you get the mentioned purity of gold.. 1. No Tax Benifits in particular but you can claim rebate under the limit of 1 lakh rs of investment 2. Its decided by the International Gold Exchange market depending on demand and supply 3. No, It wont be different
Gold in India is lying dormant in peoples' lockers. Inheritance, high value, no productive use, designs getting obsolete and have little choice of changing. Easily identifiable, loosing fashion value.
Is it not posssible to have a Combination - Bank/Retail shop/Mutual fund ?
Deposit your jewellry. Get it evaluated, get Jewellry Mutual Fund bonds. Travel to any other "Combination - Bank/Retail shop/Mutual fund" outlet and convert bond with jewellry.
Let there be a process of valuation, and compute transaction loads for different kinds of transactions.
This is a model that has MUCH wider potential of tapping dormant gold (jewellry) stock, value addition for the institution, benefits to the consumers.
RE:this is a commodity mutual fund, why not jewellry - value added?
by mihir on Feb 09, 2007 08:45 AM
good idea, why dont you implement it. when you go next door neigbour, you will get Jaru (broom) even if you talk like this.
