Indians have always loved to carry gold from abroad, particularly from the Middle East countries. There is a belief on quality, though the same level of purity these days in India, that maybe more of a myth.
1) Quantity of duty free gold that you can carry
In case you have been residing abroad for the last 1 year, you can carry duty free gold worth Rs 50,000, if you are a male passenger. On the other hand, if you are a female passenger, you can carry gold worth Rs 1 lakh.
If a couple have children, the same norm would also apply to children as well.
So, you can divide the amounts equally members.
2) Can Indian travellers from abroad carry gold coins/bars and biscuits
As mentioned before, an Indian traveler traveling from abroad, can carry only gold jewelery. The duty free allowance does not become applicable to gold bars and coins.
3) What is the duty payable on gold?
If you carry an amount in excess of that mentioned above, the amount of tax that is payable is 10.3 per cent. However, the maximum amount that you can bring is 1 kg.
4) Important to show receipt
You should preserve the receipt to show the value of the gold. This will only help you prove the value of gold purchased, just in case the custom authorities do ask.
Is it advisable for an Indian traveller to bring gold?
After adding the customs duty, in all probability the cost of your gold is going to be much higher than that prevailing locally.
Also, earlier individuals would bring gold largely on account of worries over purity. This is not the case currently. You get top-notch gold currently, in India. There is no worries of purity, because most the gold is hallmarked.
So, you need to work around your own calculations and see if, it really works. If it does reduce your cost, go ahead and buy from abroad.