Ancestral jewellery or that bought with declared wealth won't be taxed
Married women can have up to 500 gm gold without fear of it being seized
Single women allowed 250 gram, men allowed to keep up to 100 gram
Even if the gold does not match one's known income, "jewellery and ornaments to the extent of 500 gm for married lady, 250 gm for unmarried lady and 100 gm for male member will not be seized," the government said, producing portions of the 1995 law.
Big changes have been proposed in that law to introduce steep taxes and penalty on undisclosed wealth found in raids. The changes were cleared in the Lok Sabha earlier this week amid opposition protests.
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