new Delhi. If you have not filed Income Tax Return (ITR) yet, then 31st March 2022 is the last date for it. Till this period you can file the return with penalty. While filing returns, you have to give all the information from your earnings to investments. If you have invested in gold, then it also has to be disclosed while filing ITR.
Tax experts say that taxpayers have to pay tax depending on the mode of investment in gold. Those investing in gold through gold bonds will have a different tax liability than those who buy physical gold.
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physical gold , tax on capital gains
Slab-based short term capital gains tax is levied on selling it within 36 months of investing in physical gold. The return earned from the sale of gold is added to the annual earnings of the investor. If gold is sold after three years, it will be treated as long term capital gains. In this, the tax will be fixed on the basis of the sale proceeds. On this, 20 percent of the total assessment will have to be taxed. Apart from this, a cess of four per cent of the amount of tax is also levied.
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digital gold , Will have to pay 20 percent tax
Digital gold is a new way of investing in gold, which is becoming increasingly popular. Investment in this is possible through different wallets and bank apps. One can invest in Digital Gold with a minimum of Rs. It attracts 20 percent tax on returns along with cess and surcharge of 4 percent on long-term capital gains. Returns for holding digital gold for less than 36 months are not directly taxed.
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gold etf , Cess will also have to be paid along with tax.
One can also invest in gold through Gold Mutual Funds and Gold Exchange Traded Funds (ETFs). In this, gold is in virtual form and not in physical form. Both are taxed at the same rate as physical gold. Investing in gold through gold mutual funds or ETFs attracts 20 per cent tax along with 4 per cent cess for long-term capital gains.
sovereign gold bond , Tax to be paid as per slab
Investors on Sovereign Gold Bonds (SGBs) get 2.5 per cent interest annually, which is taxed as per the slab. After 8 years of investing in SGB, the investor’s returns will be completely tax free. If the holding is sold after 5 years and at any time before reaching maturity, 20 per cent Long Term Capital Gains Tax and 4 per cent Cess are also levied.
Tags: gold, Gold investment, income tax, ITR filing
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