After demonetizing 500 and 1000 rupee notes,the centre has decided to implement another idea.
- Now married women can possess 500 grams of Gold, 250gm per unmarried women as also 100gm per male member of the family.
- Section 115BBE of the Income Tax Act provides for a steep 60 per cent tax and a 25 per cent surcharge on gold holders.
- Additional 10 per cent penalty on being established that the wealth is unaccounted or black money.
- Not applicable on ancestral jewels