Holding Gold up to certain limit exempted from seizure: Govt
New Delhi: Central government on Thursday clarified that gold jewellery and ornaments under certain limit is exempted from any seizure and is fully protected.
Holding of jewellery up to 500 grams per married woman, 250 grams per unmarried woman and 100 grams per male member of the family is exempted from any seizure, said the government.
It was also clarified further that legitimate holding of jewellery up to any extent with known sources of income are also safe.
Finance Ministry, in a statement said, "There is no limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of income including inheritance."
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. The bill was passed to keep a check on monetary transactions and to curb the black money issue, especially after the Centre's demonetisation move since Nov 8.