gold & cash in hand
Querist :
Anonymous
(Querist) 27 April 2010
This query is : Resolved
how much of gold any body can keep with him ?
is there any limit of keeping cash in hand at home ?
A V Vishal
(Expert) 27 April 2010
Under the Wealth tax Act, Cash in hand
1. In case of an individual and HUF cash in hand in excess of Rs. 50,000/- shall be included in assets.
2. In cash of any other person cash in hand not recorded in the books of account shall be included in assets.
However, there is no limit of Jewellery, bullion or any other article made wholly or partly of gold, silver, platinum or any other previous metal or any alloy containing one or more of such precious metals (excluding those held as stock-in-trade by the assessee)which can be held since the same is treated as an asset for purpose of valuation. Jewellery includes:
1. ornaments made of gold, silver, platinum or any other precious metal of any alloy containing one or more of such precious metals, whether or not" containing any precious or semi-precious stones, and whether or not set in any furniture, utensils or other article or worked or sewn into~any wearing apparel;
2. precious or semi-precious stones, whether or not set in any furniture, utensils or other articles or worked or sewn into any wearing apparel.
For the removal of doubts it has been clarified by explanation 2 to section 2(ea) that the term jewellery does not include the Gold Deposit Bonds issued under the Gold Deposit Scheme, 1999 notified by the Central Government.
Jithendra.H.J
(Expert) 03 May 2010
I agree with the above learned friends
