No tax on interest from gold deposits
Seeking to mobilize idle gold worth up to Rs 60 lakh crore held by
households and institutions, government on Tuesday proposed a new scheme
offering tax-free interest on depositing the yellow metal with banks.
The draft
gold monetization scheme also provides for incentives to the banks, while
individuals and institutions can deposit as low as 30 grams of gold, while the
interest earned on it would be exempt from income tax as well as capital gains
tax.
The stock
of gold in India that is held by people of the country that is `neither traded
nor monetized' is estimated to be over 20,000 tonnes, which would be worth
about Rs 60 lakh crore at the current market price. A large amount of gold is
also held by temples and other religious institutions. The draft scheme does
not specifically mention the kind of institutions that would be covered under
it.
Contact us at 09313368533
Keep visiting www.gauravkansal.com for more information
Dont Forget to join us at Facebook
Subscribe to:
Post Comments
(
Atom
)
No comments :
Post a comment