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UNACCOUNTED GOLD HOLDINGS MORE THAN 500 GMS WILL ATTRACT INCOME TAX

The Limit on gold holdings for married women is 500gms and 250gms for unmarried girls. If you have gold in excess of these limits you will have to prove that it was bought with money on which taxes were paid. If you are not able to do so you will be charged not only income tax and wealth tax but will have to pay a penalty as well