Buying gold around Dhantetaras is considered auspicious. The festive season leads to a surge in demand for the precious metal.
Women prefer to get new gold jewellery, while many employers gift gold coins to their staff on Diwali.
Besides the actual value of gold, buying it attracts taxes in India, increasing the overall price of the metal.
Due to this, many Indians purchase gold or gold jewellery from Dubai, where no taxes are levied on it. But before you begin planning to bring some gold from Dubai, you must know about the guidelines.
You cannot bring any amount of gold from Dubai and sell it off in India at a profit once your gold lands in India; the government levied duties and charges.
According to 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 person will have to pay 38.5% of customs duty on the gold brought to India.
The rules also state that the weight of the gold (including ornaments) should not be more than 1 kg per person.
If you want to save on the duty, you must keep the value or amount under the duty-free limit. As per CBIC, a male passenger who has been residing abroad for more than a year can bring up to 20 grams of gold jewellery with its value not exceeding Rs 50,000.
For female passengers, the duty-free limit is 40 grams of gold jewellery with a maximum value of Rs 1,00,000.