The festival of Diwali is just around the corner and festivities begin from
Dhanteras
. This day is celebrated with unmatched joy, the jewellery shops and showrooms are crowded with people across the country to buy gold and
silver jewellery
and coins as a tradition and is considered auspicious.
Gold jewellery
is said to bring good fortune on Dhanteras. During the festive season, usually the demand for the precious metal surges. Customers have to pay taxes in India alongside the actual gold value, ultimately resulting in the increased overall price of the metal.
This is the reason why many Indians prefer purchasing gold or gold jewellery from Dubai, where no taxes are levied on it. But hold on, if you are planning to bring some
gold from Dubai
then you must know about the important guidelines before landing with gold in India.
You just can't bring gold from outside of India and sell it here, once your gold arrives in India, the government levies duties and charges.
As per the Central Board of Indirect Taxes & Customs (CBIC), "Concessional rate of duty @12.5% + Social Welfare Surcharge @1.25% applies for gold to Indian Passport holders and persons of Indian origin if stays are for more than six months."
In other cases, a passenger bringing gold to India will have to pay 38.5% of customs duty on the gold. As per the rules, the weight of the gold (including ornaments) should also not exceed 1 kg per person. Abiding by the rules, if you don't want to pay extra for the duty, you must keep the value of gold under the duty-free limit.
- How much gold can a male bring to India from Dubai?
As per CBIC, a male passenger residing abroad for over a year can bring up to 20 grams of gold jewellery with a maximum value of Rs 50,000. - How much gold can a female bring to India from Dubai?
For female travellers, the duty-free limit is 40 grams of gold jewellery but make sure its value does not exceed Rs 1,00,000. - Do you have to declare gold at the airport in India?
You have to declare the gold upon arrival in India and pay the customs duty. In case, you are bringing home gold jewellery more than your duty-free limit then you must use the red channel as you have dutiable goods. - Are children levied tax for
gold jewellery in India ?
All children who have lived outside India for a minimum a year are eligible for duty-free gold jewellery.