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What Is The Import Duty Payable On Gold Import Into India?
An Indian traveller is allowed to import gold (not studded gold jewelry), while on his visit to India.
The norms for such import of gold as part of baggage
1) Should have stayed abroad for 6 months
The very first criteria for an Indian allowed to bring gold from abroad, is that he or she should have stayed outside the country for at least six months. If you are staying for less than a month abroad, there is no way you can import gold.
2) The limit on gold imports
The limit on bringing such gold is upto 1 kg. Indians, travellers or residents abroad can bring more gold than that, but, the charges in that case is exorbitant.
What is the duty payable on gold bought into India as part of baggage
The duty payable on such gold would be 10 per cent. If you bring gold in excess of 1 kg, the duty levied would be 36 per cent. Thus, it makes little or no sense to bring gold in excess of that quantity into India.
The customs duty that is applicable would change from time to time.
Check gold rates in Indian cities here
How much duty free gold can we import into India?
If you are staying abroad for more than one year, you are allowed to carry certain amount of gold without paying any duty.
You can carry gold jewelry 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.
It is important to note that it would be better, if you preserved a copy of the receipts of the gold jewelry bought earlier. This is because, it would be helpful for the custom authorities to know the exact value in Indian rupees.
Another important point to note is that if you are carrying jewelry from India, it is better to take an export certificate. This would ensure that on your way back into India, the authorities do not ask you to pay duty.
Also, please do not be under the impression that if you wear gold on your person, you would be absolved of paying duties. This would also include the gold that you are wearing, which is purchased from abroad.
All in all, you should remember that it makes sense to buy gold from India, unless you benefit immensely. These days the quality is the best and all jewelry is also hallmarked.
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