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Gold in Gift Under Taxable Rule: In India, people especially women are very much interested in gold and people like to take gold as a gift in marriage. However, do you know that gifted gold can come under the purview of tax? There is a fixed limit above which gifting gold can become a tax liability for you.
How is the tax on the gold received in the gift
Suppose you have received gold or jewelry as a gift from a friend or a distant relative and the value of that gold or jewelry is more than Rs 50,000, then tax will have to be paid on it. This is entered in the Income from other source column.
Here we are talking about the gold received in the gift, then you should also know that all types of gifts which are in the form of gold are not under the purview of tax. Here you can know about them.
What kind of gold received as a gift will be tax free – know
Gold received as a gift by your family members is not subject to tax. If the father gifts gold to the daughter in her marriage, then there will be no tax liability on it. If you gift gold jewelery to children on their birthday, then there is no tax on it. There is no limit on the amount of gold received in this type of gift.
Inherited gold is also tax free
There is no tax liability on inherited gold. Like gold given from mother to daughter-in-law and daughter-daughter-in-law to their children is tax free and the one who gets it does not need to pay any kind of tax.
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