Gold is traded in India (Gold Price Today) in physical and digital forms. The government regulates the gold trade through customs. Custom duty is levied on bringing gold from abroad but duty free gold can be brought up to some limit. Up to 20 grams of gold for men and 40 grams of gold for women can be brought without duty.
Gold is traded in India in many forms, including both physical and digital. People trade in gold in the form of jewellery, coins, bars and investment assets. At the same time, the government carefully controls the gold trade through duties/tariffs. Custom Duty is a type of tax, which is levied on things imported from other countries.
Similarly, when gold is brought to India from other countries, custom duty is also levied on it. If you bring gold to India, there is a limit for zero custom duty, if you bring more gold than that, you will have to pay duty.
You have to tell how much gold you have brought
Any person can bring any kind of gold jewellery, coins or bars from abroad to India. However, you will have to declare these gold items at the customs duty kiosk. After this, the customs duty officer will calculate the applicable customs duty according to the amount of gold.
But it is not that you will have to pay customs duty no matter how much gold you bring, rather this duty is not charged if you bring gold up to a fixed limit.
What is the limit and customs duty for men
Male passengers are allowed to bring 20 grams or ₹50,000 worth of duty free gold from abroad. However, the rate of gold is around Rs 1 lakh, so the limit of 20 grams is no longer practical
3% customs duty is applicable on bringing gold from 20 to 50 grams
6% customs duty is applicable on bringing gold from 50 to 100 grams
10% customs duty is applicable on bringing more than 100 grams of gold
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