How much gold can India bring from Dubai?
Dubai is called the city of gold. Here gold is cheaper by 8 to 9 percent as compared to India. This is the reason that people who visit Dubai or work, often think of buying gold from there and bringing it to India. But wait a little… It is easy to do this, but with some conditions. Recently a case has come up, which has caught everyone’s attention. Kannada films actress Ranya Rao was arrested at Bangalore Airport on charges of gold smuggling. About 15 kg of gold was found from them. Now he has been fined more than Rs 102 crore. The matter is big and also a lesson.
Gold in Dubai cheaper than India
The price of 24 carat gold in Dubai is currently about 85-88 thousand rupees per 10 grams. This gold in India is about 89% expensive. Seeing this difference, many people understand that saving can be done in India by bringing gold from Dubai. But the thing to note is that bringing gold from Dubai is beneficial only when you walk according to the rules made by the government. If you bring gold more than the limit without telling, then this gold can be very expensive to you.
What are the rules for bringing India gold?
If you are returning to India from abroad, especially Dubai and thinking of bringing gold, then it is very important to know that the Government of India has made some clear rules for this. There is no tax on bringing gold inside the fixed limit, but if you bring more gold than the prescribed quantity, then you have to pay custom duty i.e. tax.
According to the rules of the Government of India, if you are an Indian citizen, then male passengers can bring gold jewelry up to Rs 50,000 without tax. This limit for women is up to Rs 1 lakh. At the same time, children below 15 years of age are also given the same exemption. The thing to note is that this discount only applies to jewelry. Such as chains, rings, earrings or hard. This rule does not apply to gold brick or coins.
Apart from this, you must have a firm bill to buy gold. The gold brought without a bill can also be confiscated and a fine can also be imposed. Therefore, if you want to bring gold from Dubai, then complete information about the rules should be kept. A little negligence can cause heavy losses and legal mess for you.
If you want to bring more gold, you will have to pay tax
If you bring more gold than the fixed limit, then custom duty will have to be paid. How much tax will be levied on the person who bring gold, it is decided on how much gold you have brought. If you have been abroad for 6 months or more, then you can bring one kilo of gold in a check-in bag and declare it in the custom. For this you have to pay tax.
For example, if a man brings 20 to 50 grams of gold, then he will be taxed 3 percent. On bringing 50 to 100 grams, 6 percent tax will have to be paid for bringing more than 100 grams. This limit is doubled for women and children.
But all this is possible only when you have a purchase bill and you give the right information to the custom officer. If you tried to bring gold secretly, then apart from tax, there can be heavy fine and jail.
May be a mistake Heavy
The case of actress Ranya Rao is its latest example. He tried to bring too much gold from the fixed limit, that too without telling it in the custom. Now they not only had to eat the air of jail, but also have to pay a fine of more than 102 crores. If she could not fill, then her property could be confiscated. It is clear that gold may be cheaper, but if you do not follow the rules, then this savings can turn into heavy losses.
It is possible to bring gold from Dubai. It may also be cheaper. But for this you should have complete knowledge – how can you bring, how can you bring, and what bill is necessary. If you live within the prescribed limit and fill duty in the right way, bringing gold can become a profitable deal. But if you choose the path wrong, then this gold can take you to jail.