Gold prices have increased by about 48.9% in the last one year, and today 10 grams of gold is being sold for around ₹ 1,14,040. Gold is not just jewellery, but also an important investment. But do you know how gold is taxed? Income tax is not levied while buying gold, but 3% GST has to be paid on the purchase price and 5% on making charge. Real understanding of tax is important while selling. According to the Finance Act 2024, if you keep gold for 24 months, Short-Term Capital Gains (STCG) tax will be levied as per your income slab. Holding more than 24 months will attract a flat tax of 12.5%, without indexation benefit. Gold ETFs and Mutual Funds will attract STCG tax on holding for 12 months and 12.5% flat tax on holding more than 12 months. Sovereign Gold Bonds (SGBs) are different — with a tenure of 8 years offering 2.5% annual interest and tax free returns on maturity. But if you sell quickly, the tax rules will be different.
How much tax will have to be paid on selling gold? The truth about the new tax rules of 2024!||Gold | Tax | Money Live | How much tax will you have to pay on selling gold? The truth about the new tax rules for 2024! ||Gold | tax
