Have you invested in Gold? Now this tax will be levied on the income from this
If you buy gold as an investment, then it is possible that in future you will have to pay tax on the income earned from it. In India, it can be brought under the ambit of capital gains tax.
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Gold safe investment for future among common Indians (Gold Investment) is viewed as. Especially for women, it is the support of their old age. The reason for this is the good returns you get on selling old gold. But now soon the government will change the tax category on gold earnings.Tax on Gold may change.
ET Now has reported quoting sources that India will change the category of some assets according to the tax rules. (Reclassification of Assets) Maybe, this includes gold, which can now be kept in the category of capital gains tax.
Gold in capital gains tax index
In this regard, Anuj Gupta of IIFL says that most of the gold purchases in India are done in cash. In such a situation, people show their earnings from gold in the form of net income only. It is possible that in the new system, gold will have to be shown as capital gain tax goods. This will make it easier for the government to track investment on gold.
Capital Gain Tax, (What is Capital Gain Tax) Tax is levied on the income generated from an asset over a specified period. This includes income from share market or real estate.
India imports gold
India imports most of its gold requirement. Along with investment, a major consumption of gold in India is also for making jewellery. According to the latest data of the Ministry of Commerce, between April and October this year, India’s gold import has been 24 billion dollars. Although it is 17.38 percent less than the same period last year. Then gold worth $29 billion was imported into India.
Sovereign gold bond by RBI to reduce the consumption of physical gold (Sovereign Gold Bond) As the scheme has been started. Whereas in today’s time digital gold Digital Gold Same option is also available.
English Headline: India may consider gold for capital gain tax sources say claimed just before budget.
