One percent tax: If you pay Rs. 2 Lakh cash to buy jewellery
Posted on: 20/Feb/2017 12:15:38 PM
Henceforth, people buying gold bars or jewellery worth over Rs. 2 Lakhs in cash, 1 percent tax has to be paid.
From July 2012, the rule followed that when buying gold biscuits or bars worth over Rs. 2 Lakhs or while buying jewellery worth over Rs. 5 Lakhs paying by cash, 1 percent Cash Tax was in vogue.
However, the central government has now decided that 1 percent tax must be paid when buying jewellery worth Rs, 2 Lakhs paying by cash.This was announced during the budget presentation for 2017 by the Central Finance Minister Arun Jaitely.
This system will be effective from 1st April.
