How to Count Gold Tax: How much tax will be levied on gold brought for marriage, see the income tax rules
How to Count Gold Tax: Is the gold received during marriage tax free or not? ICRA's report made a shocking revelation, know the rules that can put a tax burden on your jewellery.
Income Tax Rules: The Income Tax Department has fixed a limit according to which those who earn more have to pay tax. Apart from this, there are some special rules related to gold gifts.
If someone gets gold as a gift on the occasion of marriage, then tax can also be levied on it. However, the tradition of gifting gold in marriage is an old one. One reason for this is that the prices of gold usually keep increasing, due to which it is considered a good investment.
But it is important for everyone to know what the income tax rules say. If the gold received as a gift is more than the prescribed limit, then you may have to pay tax on it.
Therefore, if you get gold jewellery or coins as a gift on a wedding or any special occasion, then know under which circumstances it will be taxed and under which circumstances it will not.
Gold found in marriage
According to the rules of the Income Tax Department, if the value of gold or jewellery received as a gift on the occasion of marriage is more than Rs 50,000, then it can be taxed.
It is considered "Income from Other Sources", so it comes under the purview of tax. But if this gift is given by your close relatives like grandparents or parents, then no tax will be levied on it. Such gifts are considered tax free.
What did the ICRA report say?
According to a report by ICRA, the demand for gold jewellery (in terms of price) may increase by 12 to 14 percent in the financial year 2025-26.
But due to the recent surge in gold prices, people are now buying less gold than before. Earlier if people used to buy 20 grams of gold, now after the price increase, they are taking only 10 grams.
Increasing demand for gold
ICRA's report states that now people have started buying more gold coins and bars instead of gold jewelry. Their purchase (in terms of quantity) can increase by 10 percent in the financial year 2025-26.
Last year this increase was 25 percent. According to the report, after this boom, the share of coins and bars in total gold sales can increase to 35 percent.
Although the price of gold has increased a lot, people are still investing in it. The main reason for this is the increasing uncertainty in the country and the world.
When countries like America, China and Japan increased tariffs, it had a direct impact on the price of gold. This supported the price of gold and people started investing in it considering it a safe investment.