Limit on Gold Imports : You are now able to import this amount gold from overseas; but, before you do so, be sure to read the regulations

Limit on Gold Imports: The price of gold in India has fluctuated. We monitor gold prices overseas in such circumstances. It’s likely that you’ve heard that gold costs less in Dubai. It is reasonable to ask how much gold we can import from overseas in such a scenario. We will discuss it today.

The amount of gold that can be imported from overseas

Let us inform you that the amount of gold that can be brought into India is limited. A fee must be paid if more gold is delivered than is permitted. Any Indian citizen is permitted to bring 20 grams of jewelry, or Rs 50,000, per year, according to the regulations. Additionally, children who reside overseas for more than a year are subject to an additional gold limit.

The amount of customs tax that must be paid

Please be aware that duty-free shopping is only available for gold jewelry. Customs duty is assessed based on the value of any gold bars, coins, and other jewelry that an Indian traveler brings from overseas. How much duty is assessed based on the weight of the gold?

• 10% customs duty is applied on gold bars under 1 kilogram in weight.

• A three percent customs charge is applied on gold bars weighing between twenty and one hundred grams.

• Customs charges a 10% fee on gold bars under 20 grams in weight.

• Ten percent customs charge is applied on gold coins weighing between twenty and one hundred grams.

• A ten percent customs fee is applied to gold coins under twenty grams in weight.

• Customs duty is not applied to gold jewelry that weighs more than 20 grams and is valued at less than Rs 50,000.

Don’t forget the limit on gold import!

Having the required paperwork, such as the purchase receipt, is essential when transporting gold from overseas. If you bring gold, you should be cautious. Be especially careful to bring gold within the gender and value limits.

you join our tazatimesnews Telegram Channel

you join our whatsapp channel

Next News Read – Income Tax Department can give warning to taxpayers for these 5 faults; check quickly

Next News Read –  Bank License canceled: Do you have an account with this bank? The RBI cancelled this bank’s license