On Dec 1, 2016, Indian government clarifies that jewellery up to 500 gm per married lady, 250 gm per unmarried lady and 100 gm per male member of the family will not be seized in the event of an income-tax raid.
As per Section 132 of the I-T Act. a 26-year-old rule that says married women are entitled to more gold than unmarried women. And it was also declared that Jewellery that is inherited or that bought with declared wealth will not be taxed and there is no limit for the person who provides a proper source of income to buy the jewellery and other ornaments including inheritance. If undisclosed wealth found in raids, then it will be charged penalty according to law.
This new reform is done in public interest said by the government of India and will be helpful for Indian gold market and for stop use of black money which is converted into mixed reaction comes from pubic some called it good and some it bad change by the government of India in law but government is fully sure that the reforms made by them are in public interst.