Finance ministry of India gave an order on Thursday, 1st December 2016 regarding amendment of Income tax regarding possession of gold. India gold tax news, rates of tax payable on gold posession above limits are inquired by people after this news broke out.
Another question that is being widely asked is “Is this end of Gold Demand in India ?”, “Will Gold Jewelry shops be facing a Black out ? “. This question has got lot of significance in this situation where Indian Government has given a huge blow to gold with bringing it under taxation. Need of disclosing amount of gold possession with each person is surely going to have a negative effect on gold purchases. People will start selling back gold to jewelry shops or start to sell it at best available low prices to others. Through this way excess gold in hands of most people will be converted to cash soon.
.Breaking news in India on 1-12-2016 is India gold tax news which will get it’s place in history for ever. Till now there was tax payable during purchase of gold from jewelry shops. Now a double taxation effect is going to happen in case of every person who posses gold in excess of limits specified by Finance Ministry. As per Amendment of Income Tax Act in India, taxes are payable on gold kept in hand of people in excess of allowed grams of gold. So everyone should know quantity of gold that can be kept in locker or at house.
Will taxation of gold get a good impact on black money holders is doubted. Because most of them will start converting it immediately into cash through many possible ways. Impact of this restriction will come on ordinary people after a long time.
India gold tax news
Jewelry shops will start getting no demand and most shops or branches will get closed because of decrease in sales.
Dowry gifting of gold will get reduced, which is a main advantage of imposing tax on quantity of gold that can be held with a person.
On Tuesday, 29 November 2016 BJP Government passed Taxation Laws (2nd Amendment) Bill, 2016 which is a money bill. Through this amendment money deposited in bank accounts without any source will be taxed up to 50% till 30 December 2016 and up to 90% from 1 January 2017.
Breaking news that is going viral about decision of Indian government to bring taxes on gold like cash deposits is creating mixed responses. When poor ordinary women who can only dream of owning 500 grams of gold are supporting this move. Rich people who invested in gold as a safe deposit are worried.
Paying taxes and disclosing it will reduce amount of purchases in gold jewellery shops in India.
Maximum amount of gold in hand, lockers for men, women have been informed by Finance Ministry.
Married women can keep up to 500 grams of gold, Unmarried women can keep 250 grams of gold, while men can keep only 100 grams.
Demonetisation of currency notes of Rs.500, Rs.1000 was only start of fight against removing black money from India by Narendra Modi.
Black money is held in form of physical cash, gold, real estate. Demonetisation of currency is done on 8-11-2016, taxation of gold done on 1-12-2016. So what is next. It will be surely Real estate.
For past few days there has been a viral whatsapp message regarding E Property Pass book (EPPB). It was said to be a real estate surgical strike that is going to happen in India.
As surgical strikes on gold and cash has been done by Indian Government, there are higher chances that a surgical strike on real estate will be definitely carried out.