No tax on jewellery purchased out of disclosed income: Govt
The government has said jewellery/gold purchased through disclosed income or reasonable household savings will not become taxable under the amended I-T Act. The Act will also not apply to ancestral jewellery. Further, there will be no seizure of gold jewellery up to 500 grams per married lady, 250 grams per unmarried lady and 100 grams per male in I-T searches.