Several schemes are being continuously launched by the Modi government to reduce cases of tax evasion. There is also a scheme related to gold, which the Modi government can soon bring. The name of this scheme is being referred to as the Government Amnesty Program (Amnesty Program), under which you will be able to legalize your illegal gold and will escape punishment. With the help of this scheme, the government wants to cut tax evasion and gold imports. As part of the proposal made to Prime Minister Narendra Modi, the government plans to ask people to hold illegal gold to report it to the tax authority. Then pay the penalty and make them valid.
What is the plan?
Under this, you will be able to legalize your illegal gold by paying a penalty. According to a Bloomberg report, the proposal presented before Prime Minister Narendra Modi said that people holding illegal gold should be asked to report it to the tax authority. Then pay the penalty and make them valid.
This proposal is still in the beginning. In this context, the government is taking the views of the officials concerned. It is known that in 2015, the government had introduced the scheme, but it was not successful because people did not want to give up the gold. There were apprehensions that the Income Tax Department may take action on disclosing illegal gold.
According to the proposal, whoever declares illegal gold, may have to keep some gold with the government. According to experts, there is a risk in presenting such a scheme. A report said that Indian families have about 25 thousand tonnes of gold, which is the largest private reserves of gold in any country.
No income tax on gold up to 500 grams
Meanwhile, it is also important for you to know that you do not have to pay tax on keeping how much gold in the house. If there are up to 500 grams of gold in one's house, then it will not come under the income tax. There will be no need to state the source of income on this. That is, under the Income Tax Act, a person can keep up to 500 grams of gold in his house without any income proof.
What a discount
Married women: Discount of gold up to 500 grams.
Unmarried Women: Up to 250 grams.
Man: Up to 100 grams without income proof.