Gold Deposit Scheme
This query is : Resolved
25 August 2010
Ours is a manufacturin gcompany.In 2004 we have deposited gold worth Rs. 4,50,000/- in Bank, now in 2009 it matured & we received a sum of Rs. 15,75,000/-. Pl tell me the treatment of interest earned on gold deposit in the Books of accounts. Is this income i.e(15,75,000- 4,50,000) exempt from Income tax act,if yes under which section. Pl reply as early as possible
25 August 2010
Whether any gold deposit bonds were issued against in this gold deposit schem?? if yes, then this bonds are not considered as capital assets u/s 2(14) hence no capital assets and no capital gain.
25 August 2010
If the gold is deposited under Gold Deposit Scheme 1999 interest is exempted from Income tax. Like wise there is no capital gains tax on the maturity of the scheme. More over the amount is also exempted from the levy of wealth tax
25 August 2010
A certificate has been issued at the time of depositing Gold. Tell me the treatment in the Books of a/c, can we show interest earned under "other Income" as interest earned on gold deposit scheme or any other treatment. whether this interest will be exempted under income tax act or taxable. Pl. reply.
25 August 2010
If suppose Gold is not deposited under Gold Deposit Scheme 1999 then is the Interest taxable.
25 August 2010
A certificate is also issued under the gold deposit scheme, 1999. Pl check the certificate / any correspondence etc and ascertain the name of the scheme first. Then please think about the tax implication thereon.
25 August 2010
Certificate has been issued but just Gold Deposit Scheme has been mentioned on the Certificate & nothing else ,nowhere its mentioned that it is covered under the notified bond scheme,1999.Now Pl tell the treatment of the above .
Thanks
Thanks
25 August 2010
Interest on gold deposit bonds issued under the gold deposit scheme,1999 is exempt under section 10(15)(vi) of the Income tax Act,1961. This is inserted by Finance Act,1999 w.e.f 1/4/2000. For full details of the scheme you may refer CBDT notification 634(E) dated 14/9/1999 in 240 ITR (ST) 1.
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