Since the dawn of time, gold has been a precious metal. People from all over the globe invest in it as it presents a good option for diversifying any portfolio. When we are talking about gold, Dubai is a well-known place for buying it. The city is even nicknamed the “City of Gold”, which is no surprise when we look at the amount of gold traded in Dubai on a daily basis.
Dubai is a popular place for buying gold because of its tax-free haven status. That means, that people don’t have to pay VAT or any sales taxes when buying gold in Dubai.
The Indian government has announced on April 1st, 2016, that they allow the import of up to 20 grams of gold jewelry per male passenger. However, the jewelry shouldn’t cost more than 50,000 Indian rupees. Female passengers are allowed to bring twice as much jewelry without paying any tax on it. That means up to 40 grams of jewelry if it doesn’t cost more than 100,000 Indian rupees.
Nevertheless, those restrictions only apply to duty-free gold. Any passenger that declares their gold at the customs and pays the import tax of 36 percent is allowed to bring any amount of gold into the country. In some cases, if you bring a kilogram or more, of gold, you could be entitled to a tax concession. If you want to know official details, go visit the official website of the customs.
In the future, Indian expats residing abroad could be able to carry more tax-free gold when coming into India. After the new customs clearance framework comes into place, that is. Currently, Indian expats have to go through a lengthy process if they are carrying gold, even if they are coming back to India after a longer period of time. The Indian government is reportedly preparing a new set of rules to make easier custom clearances for people traveling in and out of the country if they carry jewelry for personal use.
Check the current gold rates for Dubai here: https://www.business24-7.ae/gold-rates-in-dubai
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