Gold Import Limit: Gold is available cheaper in many countries of the world than in India. In such a situation, many people plan to bring gold from abroad. Now a limit has been set for bringing gold from abroad. If you bring more gold than the limit, then customs duty has to be paid. In this article, let us know how much customs duty is charged for bringing gold from abroad.
There has been a fluctuation in the price of gold in India. In such a situation, we keep an eye on the prices of gold abroad. Many times you have also heard that gold is cheaper in Dubai. In such a situation, the question is justified that how much gold can we bring from abroad? Today we will answer this in this article.
How much gold can be brought from abroad
Let us tell you that there is a limit to bring gold to India. If more gold is brought than the limit, then a fee has to be paid. According to the rules, any Indian person can bring jewelry worth 20 grams in a year, which is worth Rs 50,000. At the same time, if any children live abroad for more than a year, then they get an additional limit in the gold limit.
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How much customs duty is to be paid
Let us tell you that duty-free allowance is applicable only on gold jewellery. If an Indian traveller brings gold bars, coins and other jewellery from abroad, then customs duty is charged according to their value. How much duty will be charged according to the weight of gold-
- Gold bars weighing less than 1 kg attract a customs duty of 10 per cent.
- Gold bars weighing 20 grams to 100 grams attract a customs duty of 3 per cent.
- There is no customs duty on gold bars weighing less than 20 grams.
- Gold coins weighing 20 grams to 100 grams attract a 10 per cent duty.
- There is no customs duty on gold coins weighing less than 20 grams.
There is no customs duty if passengers bring gold jewellery not exceeding 20 grams and worth less than Rs 50,000.
Keep these things in mind
Before bringing gold from abroad, you should have the necessary documents i.e. purchase receipt. You should be careful while bringing gold. You should take special care that you bring gold within the value and gender limit.