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Friday, May 3, 2013

You have to Pay extra for buying gold in cash from June 1

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CASH purchase of gold, including coins and articles, exceeding over Rs 2 lakh will attract 1 per cent tax from June 1.

 

The sale of bullion (including coinsarticles) in cash in excess of Rs 2 lakh shall be subject to TCS (tax collection at source) at rate of 1 per cent. Similarly, sale of jewellery in cash in excess of Rs 5 lakh will be subject to TCS of 1 per cent, it said in a clarification on the changes made in the Finance Bill 2013.

The modified tax provisions will come into effect from June 1.

As per the existing provisions, coins are neither included in bullion nor in jewellery, therefore, coins, even when amounting to more than Rs 2 lakh in value, were being sold in cash without TCS.

Clarifying that the government has not imposed any new levy, only the exclusion of coin or any other article (weighing 10 gm or less) has been done away with in the Bill passed by the Lok Sabha on Tuesday.

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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

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Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

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