Government clarifies exemption limits for gold seizure

New Delhi, Dec 1 (IANS) In connection with search operations for black money, the government on Thursday clarified on the exemption limits for seizure of gold jewellery and ornaments as being 500 grams per married woman, 250 grams per unmarried woman and 100 grams per male member of the family.

“A reference to instruction No.1916 is also invited which provides that during the search operations, no seizure of gold jewellery and ornaments to the extent of 500 grams per married lady, 250 grams per unmarried lady and 100 grams per male member of the family shall be made,” a Finance Ministry release here said.
“Further, legitimate holding of jewellery up to any extent is fully protected,” it said.
The government clarification comes in response to apprehensions arising from the amendments to the tax laws proposed through the Taxation Laws (Second Amendment) Bill, 2016, passed earlier this week by the Lok Sabha to deal with the situation arising out of the November 8 demonetisation measure.
–IANS
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