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Indian Government New Gold Policy 2016-2017 – Some Restriction on Owning Gold

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Gold policy in budget 2016

Now married women can have 500 grams, unmarried women 250 grams and men 100 grams of gold only

Gold Policy in Budget 2016 of Government of India: Government has now announced new policies regarding gold. According to this new policy on gold, one will not be able to hold gold more than the decided limit. Thins limit is different for men and women. This has been announced to clear the rumors that stated that government will impose some restriction on owning gold that one has in the home. The rules or policy regarding holding gold is the same as before till now.

According to the statement by the finance ministry, a married woman can have 500 gms gold whereas unmarried can have 250 gms gold. This limit for men is 100 gms. It is to be noted that after the demonetization on 8 November, there have been reports of illegal buying of gold and hence IT raids were also carried on many jewelry shops.

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Let’s understand how much gold a small family can keep after the government decision. For instance take a family of four persons – Mother, father and two kids 250 grams and son 100 grams. This means a total of 950 grams. This family of four persons can have 950 grams of gold in total.

Once the limit is decided, if a person is found to have more gold then the decided limit, he will be considered guilty. If during a raid at ones place the person is found to have more gold then the decided limit and if he fails to prove that it was not bought from black money then that gold will be taken by the government and one will have to pay tax too.

According to the finance ministry, no tax will be imposed on ancestral gold as well as from the declared income in IT. If a married woman has 500 grams, an unmarried woman has 250 grams and man has 100 grams of gold then it cannot be seized.

This proves the rumors that spread after demonetization that stated that government will announce a new policy regarding holding gold. However, it is to be made clear that gold bought from declared income is safe and people who bought it after demonetization from black money only needs to worry more.

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