Taxmann Gold & Taxation By Meenakshi Subramaniam Edition April 2024

Taxmann Gold & Taxation By Meenakshi Subramaniam

Taxmann Gold & Taxation By Meenakshi Subramaniam

The first-of-its-kind book on Gold & Taxes is the first book in this domain, written in simple & lucid language, with plenty of examples, case studies & tables. This book analyses the intricate relationship between gold and the tax system, particularly within the Indian context. It aims to provide complete guidance on how to save taxes on gold.

Any person, whether a buyer, seller, or investor, would not like to face a heavy tax burden while fondly handling the shining, yellow gold. This book will be helpful for all tax practitioners, advocates, trade associations, jewellers, investors, and the common man & woman.

The Present Publication is the 3^rd Edition, amended up to April 2024. This book is authored by Meenakshi Subramaniam, with the following noteworthy features:

• [New Additions] include the following:
• New Cases
• Updated Tables
• Amended Laws are written in an easy-to-understand format
• [Complete Coverage] of all aspects of Gold & Taxation
• [Relevant GST Principles] such as composition scheme and input tax credit, have also been incorporated in the discussions
• [Examples, Cases and Tables] are included for easy understanding
• [Tips to Save Taxes] at the end of various chapters have also been incorporated

The detailed contents of this book are as follows:

• How Much Gold Can You Hold
  • Overview of CBDT Instruction No. 1916 and its application
  • Analysis through case studies
  • Discussion on broader implications and frequently asked questions about gold possession limits
• Search, Seizure & Income-Tax
  • Details on search and seizure operations related to gold under income tax laws
  • Examination of the powers of the Assessing Officer and relevant case studies
  • Insights into penalties and documentation required for substantiating gold holdings
• Digital Search
  • Discussion on digital evidence and its relevance to income tax provisions related to gold
  • Case studies illustrating the handling of digital evidence in tax assessments
• Gold Monetization Scheme
  • Explanation of the scheme’s benefits, objectives, and the tax advantages offered
  • Comparative analysis between old and new monetisation schemes
• Sovereign Gold Bonds
  • Insights into why these bonds were issued and their benefits over physical gold
  • Tax advantages and potential disadvantages, with practical tips for investors
• Undisclosed & Unexplained Gold
  • Legal framework concerning undisclosed gold and penalties associated with it
  • Various case laws and practical tips for handling scenarios involving undisclosed gold
• Gold ETFs
  • Tax implications of investing in Gold ETFs
  • Comparison with Sovereign Gold Bonds and Practical Investment Tips
• Gold Coins
  • Taxation aspects of gifting gold coins and capital gains tax on them
  • Legal and practical insights into the handling of seized gold coins
• Capital Gains Tax
  • Comprehensive guide on handling short-term and long-term capital gains tax on gold
  • Discussion on deductible expenses, tax exemptions, and case laws
• Valuation of Gold
  • Guidelines on when and how gold valuation should be done, including legal perspectives and case studies
• Traders & Gold
  • Examination of the accounting practices for gold traders and related case studies
• Inheriting Gold
  • Legal insights into the inheritance of gold and methods to establish proof of inheritance
• Gold & Silver Utensils
  • Tax considerations for gold and silver utensils, focusing on personal use and exemptions
• Stridhan
  • An exploration of how income tax views Stridhan and related legal cases
• Gold & GST
  • Detailed analysis of GST implications on gold transactions, including making charges, sales, and exchanges
• GST & Gold Traders
  • Extensive coverage of GST regulations affecting gold traders, including registration requirements, input tax credits, etc.
• Appendices
  • Historical rates of gold and silver
  • Cost Inflation Index for Gold post-2017
  • A comprehensive guide on GST tariff and specialised forms for gold traders

About the author

Ms Subramaniam is a seasoned former Indian Revenue Service (IRS) officer and a trained journalist. After excelling in the civil services examination, she was appointed to the IRS, where she served in key roles, including Income-tax Officer and Additional Controller of Estate Duty, showcasing her expertise in fiscal matters.

Meenakshi is a prolific writer whose insights have been featured extensively in Corporate Professionals Today magazine, part of Taxmann Publications. She is also the author of ‘RTI Can Settle Your Income Tax Matters,’ a guide exploring the intersection of income tax issues and the Right to Information Act. Her articles have been published in leading newspapers and magazines such as The Economic Times, Hindustan Times, Times of India, The Statesman, and Femina, as well as on prominent websites such as Taxmann, Business Standard, etc.

Her writing primarily focuses on income tax, personal finance, and money management, where she leverages her extensive knowledge and experience to demystify complex financial subjects for a broad audience. Meenakshi’s work illuminates taxation aspects and provides practical advice to individuals navigating the complexities of financial planning and compliance.