How much : gold you can legally carry UAE to India

18

How much gold you can legally carry UAE to India !

We are well aware of the fact that people always show an affinity for gold in comparison with other precious metals. Majority of people prefer to buy gold in the UAE due to the purity of the gold being sold there.

Dubai is undoubtedly the best place for you to buy gold and jewellery as it offers the best price and displays typical and largest variety. It doesn’t matter which part of India the jewellery is made in, it will definitely come to Dubai. Dubai is the perfect place for any Indian to buy their jewellery.

If you visit South India, you will get South Indian style jewellery. If you visit Delhi, you will get North Indian designed jewellery. If you go to Mumbai, you will have a design catering to the Western part of India. But if you come to Dubai, you can buy all kinds and styles of Indian jewellery, whether it is from Kerala or Kashmir, with the best prices on offer for the customers. Jewellery prices in Dubai are almost 12 to 15 percent cheaper in Dubai.

The Dubai Gold and Jewellery group claims that “35 per cent of Dubai’s trade is in gold and jewellery products.”

However, tax experts aver one needs to be careful, if you are planning to take gold jewellery to India.

Explaining the limits prescribed by the Central Board of Indirect Taxes and Customs (CBIC) for an Indian passenger returning to India (after a duration of over one year), for male passengers residing abroad for over one year, gold jewellery of up to 20 grams with a value cap of Dh2,500 (Rs. 50,000) can be brought in without duties. In case of female passengers, up to 40 grams with a value cap of Dh5,000 (Rs.100,000) can be brought in.

“The duty-free allowance doesn’t permit importing of gold jewellery. Duty-free allowance includes used personal effects, which is generally understood to include jewellery. However, Indian tax authorities have clarified that used personal effects doesn’t include jewellery,” said India-based Subhash Chand Jain, Managing Partner – RSA Legal Solutions, who works closely with the UAE.

“The import of gold including ornaments is permitted only in limited scenarios. Any passenger of Indian origin or an Indian passport holder, who are coming to India after at least six months of overseas stay can import a maximum of 1 kg of gold (including ornaments) upon payment of customs duties. As a matter of practice, used jewellery of nominal values usually worn by a passenger could be allowed at the time of arrival,” he added.

“The custom duties on gold bars have been recently increased from 7.5 percent to 12.5 percent. With a 2.5 percent Agriculture and Infrastructure cess (AIDC), the total custom duties aggregate to 15 percent. Further, an additional three percent Goods and Services Tax (GST) is applicable, which results in aggregate import duties of 18.45 percent. The duties were increased as India recorded a 790 percent year-on-year increase in gold imports in May 2022,” he further added.

https://findinforms.com/2023/02/20/here-is-all-you-need-to-know-about-the-pravasi-pension-scheme/