Hey Friends, do you know very soon the Government of India may be going to announce a Gold Amnesty Scheme 2020 that gold which an individual has but without its purchase receipt is considered as the gold buy with black money. This scheme is an opportunity for those people who invest black money in gold to convert it into legal by paying tax. As per the news, the government is going to collect tax and give clean chit to the individuals who will declare the un-receipted gold. Please have a look to grab more info about the scheme.
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Gold Amnesty Scheme 2020
As per the information we get that government of India will soon launch the scheme of Gold Amnesty. Under this scheme, the government said that the hordes of gold who invest black money means buy gold without invoice can convert it into legal investment by paying tax on it. The entire value of gold purchased by the individual without a receipt will be taxable. The rate of tax will be around 30 % with effective rate of 33% including education cess as per indication we get through the sources. This scheme will be considering another attempt of the Modi Government to recover the black money.
Highlights of Gold Amnesty Scheme
| Name of the scheme | Gold Amnesty Scheme |
| Initiated by | Government of India |
| Launched date | Not yet declared |
| Rate of tax | 33% (including education cess as per the sources) |
Benefits of the scheme:
- With the help of this scheme, the undeclared wealth will be channelized
- This will help in recovering the black money which is hidden by the people by purchasing without receipted yellow metal (Gold)
- This scheme will uncover the total gold holding in India
Features of the Scheme
- The government will collect tax on the total value of declared gold without Receipt
- As per the sources, the tax rate applicable on this undeclared gold will be 33% including education cess
- This will convert the illegal gold held by the people legal.
- It is another initiate taken by the government to recover the hidden back money.
- Just like income tax amnesty scheme, this scheme will also open for a definite time period
Implementation of Gold Amnesty Scheme
Two years ago, Niti Aayog suggested the government to take a step for gold policy. It is estimated by Niti Aayog that the total gold held by the Indians is around 20000 tons, but if consider the unaccounted imports, ancestral holdings etc. this value is round about 25000 to 30000 tons. The value of gold is more than 70 Lakh Crores. Now the government is considering taking a step in this concern. This will lead to take initiative and launch Scheme. The scheme to uncover black money is still under consideration; the government is not yet decided to launch the Gold Amnesty Scheme with the same measures. As the official announcement will be made by the government we will update the information.
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