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  • Category: Miscellaneous

    Do you welcome ban and restriction on gold buying?

    On TV media lot of interesting discussions going on purchasing limit on buying gold. Mr. Modi may keep a restriction on how much gold an individual or family can hold. Experts saying that he may ask Indians to submit how much gold every family has possessing and even the gold they got it through inheritance. They have to show the bills how they got it. If any having excess have to pay heavy taxes or otherwise to lose it to the government. In these discussions females altogether opposing this type of move if Mr. Modi proposes. Telangana CM already hinted Mr. Modi not to harass people if they got property or gold through inheritance. Do you welcome if Mr. Modi proposes restriction or ban on buying gold.
  • #584856
    This is too much penetrating in to the private affairs by the government. I wish the proposed exercise of the Modi government to get the details of the gold purchased and kept during the life time is the long term planning of any individual and surely one would not purchase the gold with over night earnings. Most of the middle class people keep accumulating money and then purchase the gold which is again kept for the daughter's marriage in future, The government is having in mind the tendency of black money hoarders to buy gold biscuits and keep it safe for future redeeming. That kind of attitude is not present. What I suggest that the government may swoop on the bank lockers and private lockers maintained by various companies on rent and confiscate gold which are unaccounted for but leave the common man from that harassment.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #584943
    The new guidelines have already been issued according to which a married woman can have 500 gms, an unmarried woman can have 250 gms and a man can have 100gms of gold each. Even Modi is gender biased despite of being a man. Don't men like to wear gold to look handsome? Just ask Bhappi da! Bhappi Lahiri is going to be the biggest loser, I suppose and he is not going to vote for Modi in the 2019 elections, I am sure!

    I fully support this initiative as another loophole for keeping black money will be plugged.

    When you talk, you are only repeating what you already know. But if you listen, you may learn something new!

  • #584952
    I understand that it is not a new provision introduced now. It has bee given as an explanation to clear some doubts regarding the provisions of the Income Tax Act amendment just passed in Lok Sabha.

    The same thing was stated earlier also during 2015 in connection with Gold monetisation scheme. I quote what I found in that regard.

    "Depositors may be informed by the banks that as per CBDT (Central Board of Direct Taxes) instructions...in the course of IT search u/s 132, gold jewellery to the extent of 500 grams per married lady, 250 grams per unmarried lady and 100 grams per male member of the family need not be seized by tax authorities, but the tax penalties, as applicable, will be levied," ...............(courtesy :livemint.com dated September 19,2015).

    ( The same and more can also be read in the URL: voiceofca.in/siteadmin/document/Golddepositsover500gmwithoutknownincomesourceswillattracttax.pdf)

    So there is nothing new introduced or implemented now. Whatever is being exaggeratedly flashed and discussed is either due to the lack of knowledge on the matter or for deliberate dramatising in the current scenario.

  • #584985
    Do you welcome if Mr. Modi proposes restriction or ban on buying gold? Yes i welcome the move by government. It was a tv news yesterday that according to IT Act 500 grams per married lady, 250 grams per unmarried lady and 100 grams per male can have the gold. Above that he someone is having he should sold and pay the long term gain tax.
    The greatest wealth in this world is mental peace and good health.


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