Inherited stocks, gold, money,silver are exempt from income-tax.

#1
Hello,
After so many days I am posting in this forum. Today, it came to my notice that government of india put restrictions on the stock of gold, an individual, mothers and daughters can keep in their home.
But all the inherited gold, silver, money, cash, mutual funds and properties are exempt from income tax. That means this restriction is on new purchases of any such assets made by any person. So many rich people would have inherited gold, money, land, and other assets in their home.Are all these assets are taxable?
 
#2
Hello,
After so many days I am posting in this forum. Today, it came to my notice that government of india put restrictions on the stock of gold, an individual, mothers and daughters can keep in their home.
But all the inherited gold, silver, money, cash, mutual funds and properties are exempt from income tax. That means this restriction is on new purchases of any such assets made by any person. So many rich people would have inherited gold, money, land, and other assets in their home.Are all these assets are taxable?
We have to see the fine print of Income Tax circular. How does one prove inherited ornaments etc needs to be studied.

Smart_trade
 

travi

Well-Known Member
#3
We have to see the fine print of Income Tax circular. How does one prove inherited ornaments etc needs to be studied.

Smart_trade
ST Sir, on a lighter note in regards to undocumented inherited wealth, it is the govt. (ie. prosecutor) has to prove with reasonable conviction to establish guilt.
Tab tak, sab apne Baap-Dada ka :D

On a forum post note, Govt will continue putting pressure and smoking the tunnels, perhaps give chances to reform.

On a serious note, to those immoral ppl, own up and come clean before lightening strikes :D
Phir shirt-pant se kacchha-banyan :rofl:
 
#4
ST Sir, on a lighter note in regards to undocumented inherited wealth, it is the govt. (ie. prosecutor) has to prove with reasonable conviction to establish guilt.
Tab tak, sab apne Baap-Dada ka :D

On a forum post note, Govt will continue putting pressure and smoking the tunnels, perhaps give chances to reform.

On a serious note, to those immoral ppl, own up and come clean before lightening strikes :D
Phir shirt-pant se kacchha-banyan :rofl:[/QUOTE

Nothing has come from the Govt so all are just rumors nothing beyond that...

ST
 

umeshmandal

Well-Known Member
#5
Hello,
After so many days I am posting in this forum. Today, it came to my notice that government of india put restrictions on the stock of gold, an individual, mothers and daughters can keep in their home.
But all the inherited gold, silver, money, cash, mutual funds and properties are exempt from income tax. That means this restriction is on new purchases of any such assets made by any person. So many rich people would have inherited gold, money, land, and other assets in their home.Are all these assets are taxable?
No ! This is not a restriction... it only says that if you have a certain qty of Gold items without any documents to prove that you bought them from your tax paid income you will not be questioned. Beyond that threshold you need to substantiate the source of the assets! You can buy a tonne of Gold today with your tax paid money , Govt has no issues!
 
#6
That's good law really, people who inherit that can be so poor by many reasons that they can't buy this gold assets or something like that for many many reasons that I do not understand them at all. How do you really go about that ? Good move.
 
#7
Very good solution from the government, at last they are doing something good, something which may have some value for people, can you imagine being that person and needs to be paid that tax anyway. I do not see myself here at all.
 
#8
That's very good information no matter how you really put it. I do not understand what do you mean overall here, but I would be happy not to pay a lot if I would be inheritant of such big case no matter how you put it. So I do hope it really works.
 

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