No limit on holding gold if it matches income declaration, Indian govt. says

The government on Thursday sought to quell rumors by clarifying that there is no limit on legitimate holding of gold and jewellery, including from inheritance, and there would be no seizure of bullion up to a certain limit even if that does not seem to match income.

"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 finance ministry said in a statement.

As rumors of government crackdown on gold holdings raged, the ministry first came out with a statement saying the steeper up-to-85-percent tax in the new taxation laws amendment bill will not apply to legitimate gold holding, including those acquired through inheritance or agricultural income.

However, with apprehensions persisting in the absence of clarity on limits on holdings, the ministry came out with another statement hours later saying there is no limit on gold holding from explained sources of income. ...

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