Gold is very sensitive Indian asset of individual, govt must give exemption this time to all common people, not black marketers and illegal gild merchants must ensure this financial year onward all purchases of gold,silver,platinum must keep valid proof and added in income declaration.
Is a sensitive issue, Govt. must be careful instead of rigid Income Tax Law. Gold is a currency in operation from the last known culture. Daily new new amendments and threats coming from IT appears as if country is run not by govt. but by IT Deptt. Not good for a democratic set up.
Re: Gold
by sh murali on Dec 01, 2016 05:31 PM
There is no limit to hold Gold purchased from Known sources.....i hope you can understand.....it is not democracy's right to hold gold purchased by illegal money.
Re: Re: Gold
by Sanjeev Rao Kotike on Dec 01, 2016 07:21 PM
But what hapens to gold handed over by our elders which was bought some 30 years back, they might not be having bills and receipts preserved for teh same!!
Re: Re: Re: Re: Gold
by arungopal agarwal on Dec 02, 2016 10:03 AM
All such loop holes are open for taking bribe due to matter of interpretation. Therefore we find so many tax cases in courts.
