Gold treasure in Rajasthan: The list of three businessmen based in Pali and Jodhpur in Rajasthan includes assets worth about Rs 52 crore. Where did the Department of Agriculture end up in this large-scale scientific investigation of gold? Know how much gold or gold price a man or woman can keep in India. Let us know about it in detail..
The Income Tax Department has recently raided several locations of three business groups in Pali and Jodhpur, Rajasthan and discovered a huge treasure of gold. The Income Tax Department has recovered jewelery worth about Rs 52 crore from the hideouts of these businessmen. Even the Income Tax Department officials were stunned to see so much jewellery. Authorities are busy finding the source of this jewellery. The Income Tax Department has recovered this treasure of gold by raiding the premises of Prem Cables Group, PG Foils and Gugad Group.
After that the question arises that how much amount of gold or gold jewelery can a person keep with himself. According to Sandeep Aggarwal, Chairman of All India Tax Practitioners Federation (Central Zone) and tax expert, gold kept in the house has been prescribed in Income Tax Act 132 for determining wealth tax. Instruction No. 1916 is applied for valuation of gold kept in the house.
Married woman can keep 500 grams of gold jewelery
The Income Tax Act has determined the amount of gold that can be kept at home and in lockers. According to him, a married woman of the house can keep 500 grams of gold jewellery. Whereas an unmarried woman of the house can have 250 grams of gold. A man can keep 200 grams of gold at home. If there is more gold than this, it is mandatory to show it in the income tax return.
Required to be filed in income tax return
Even if ancestral gold is in the house or in a locker or at any other place, it is necessary to file it in the income tax return. During investigation, evidence of its being ancestral can be presented. If you have purchased gold and made a bill for it but have not shown it in the income tax return, then the gold can be confiscated. This gold can also be considered for assessment under Income Tax Act 132.
Gold is considered as stridhan
In India, gold is considered as women’s wealth. A circular was issued by CBDT on 11 May 1994 regarding keeping gold at home. There is also a provision of not being interrogated by investigating agencies if a specified quantity of gold is found in the house. Nor is there a provision to raise questions on the source of the prescribed quantity of gold.Courts have also given many decisions in this regard
There are rules at home for a woman to keep the gold received as a gift from her parents as well as her in-laws, friends or any other person. The Supreme Court, including Rajasthan High Court and Gujarat High Court, have also passed decisions while hearing important cases regarding the quantity of gold in the house.
