Married Women Allowed 500 Gram Gold, Unmarried Women 250 Gram, Clarifies Government! Clean Discussion Only.

Only the normal people will ultimately be harassed by this rule. The real rich & sourceful will bribe the officials upto their mouth.

Wht about men?

Edit: 100gm, not pacchas tola. Whether married or not

Govt says Men will be Men.

these are not new rules. have been in existence since 1994. only reiterated.
also, does not apply to digital gold (ETF/Gold bonds)

U can have all the gold in the world, no limit if bought from tax paid money, inherited, heirloom. Todays news is misleading as most tv wala r a big arse hole. The 500gm etc rule is ther since 20+ yrs & addresses only search & seizure part. Even if u have 1 gm gold or anything bought from undisclosed untaxed income u r in trouble, forget 500gms

500gm etc limit means if during IT raid u r caught with less than 500gm then it wont be seized & kept wid IT till case is decided. It doesnt mean that u cant hold more than 500gms.

dont be confused guys .
1. this is old same rule from 1994 which is clarified today to stop rumors saying that govt will seize lockers/gold etc.
2. you can corss check do google this – " instruction no. 1916 (f.no. 286/63/93-it(inv.ii), dated 11-5-1994 "
3. 500gm limit and other aforesaid lmits are only which you can keep it even if you are not assessed to wealth tax .

Read This -

part of CBDT circular 1916 dated 11-5-1994 .

"""
5. For better appreciation of the issue involved in these cases, it would be appropriate to refer to the Board Instruction No.1916 [F.No.286/63/93-IT (INV.II)], dated 11.5.1994, which reads as under:
“Instruction No.1916 [F.No.286/63/93-IT (INV.II)]
Guidelines for seizure of jewellery and ornaments in course of search 11.5.1994
SEARCH & SEIZURE
SECTIONS 132,
Instances of seizure of jewellery of small quantity in course of operations under s.132 have come to the notice of the Board. The question of a common approach to situations where search parties come across items of jewellery, has been examined by the Board and following guidelines are issued for strict compliance—
(i) In the case of a wealth-tax assessee, gold jewellery and ornaments found in excess of the gross weight declared in the wealth-tax return only need be seized.
(ii) In the case of a person not assessed to wealth-tax, gold jewellery and ornaments to the extent of 500 gms per married lady, 250 gms per unmarried lady and 100 gms per male member of the family, need not be seized.
(iii) The authorised officer may, having regard to the status of the family and the custom and practices of the community to which the family belongs and other circumstances of the case, decide to exclude a larger quantity of jewellery and ornaments from seizure. This should be reported to the Director of Income-Tax/Commissioner authorising the search at the time of furnishing the search report.
(iv) In all cases, a detailed inventory of the jewellery and ornaments found must be prepared to be used for assessment purposes.”
"""

PS – in short , understand simple thing that whatever you have whether in millions or billions if that thing is bought/earned from legal way and paid taxes then no can touch you , that’s all .

Clarification

http://www.moneycontrol.com/news/economy/marrie...

I assume what will happen with Bappy Lahri now