Gold decision by Modi government : Big Change
In the time of demontization ups and downs , there is a new announcement by the center’s Modi government. Income tax rules for have been changed as per changing environment in the country.
As per new rules married women can now keep only 500 grams of Gold, that mean 5 Tolas in local language. For unmarried women the limit is reduced to half and set as 250 gram for unmarried girls. Men are now permitted to keep just 100 grams of gold for their personal use from now.
No one will questioned by income tax on the gold one will get as in the form family gold from parents or grand parents. The decision about gold seems to have come as a outcome of haphazardly purchased gold by many people on the night of currency demonetization, that is 8th of November.
On same night bumper sale was recorded by the jewelers, as old currency was accepted that night even after that too.
Major jewelry shops, remained open whole night and people bought as much gold as they can. Gold was prices on much higher rates after currency demonetization. Income tax departed conducted raids on many jewelers in almost all the cities.
People are facing many problems because of demonetization. Long ques are still been seen outside banks in the day time and outside ATM’s in night. People are unable to buy things of daily use because of acute shortage of currency notes.
Though government has taken many steps to ease the pressure on general public. Many new actions are being taken by government, that includes no transaction feed on debit card and phone banking transactions.