Thursday, December 12, 2024

Have you invested money in gold? Know the rules related to tax on this – Global News Desk

HomeBusinessHave you invested money in gold? Know the rules related to tax on this - Global News Desk

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You You must have heard elders saying that if there is gold kept in the house then one never has to cry. This is because gold is very useful in adverse times. It is the same not only with families, but also with countries. Whenever geopolitical or economic crises start coming in the world. Central banks start hoarding gold. Similarly, gold is a good investment option for people too. Gold has given excellent returns for the last few years. At present the domestic futures price of gold in the country is Rs 75,585 per 10 grams. There is also tax on investment in gold. Let us know about it in detail.

Tax on physical gold and digital gold

Both physical gold and digital gold are taxed in the same way. If it is sold after 3 years of purchase, it attracts long term capital gains tax at 20% + 8% cess. However, if it is sold within 3 years of purchase, the gains will be added to your income and tax will be charged as per the slab.

Tax on sovereign gold bonds

If you sell Sovereign Gold Bonds in the secondary market within 3 years of purchasing them, they will be taxed as per your slab rate. But if you sell them after holding them for three years, they attract long term capital gains tax of 20 per cent after indexation. At the same time, if you keep them till maturity, then there is no tax on them. The maturity period of these bonds is 8 years and after 5 years, the option of early redemption is also available. The 2.5 percent annual income earned on these bonds is taxed as per the investor's slab.

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Gold Exchange Traded Fund

Income on gold ETFs is taxed as per the tax slab of the investor.



Image Credit: India_Tv.

Global News Desk
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