Sovereign Gold Bond Scheme Opens For Fifth Tranche From Sept 01, 2016

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The Reserve Bank of India has decided to issue fifth tranche of Sovereign Gold Bonds. Applications for the bond will be accepted from September 01, 2016 to September 09, 2016.

The Bonds will be issued on September 23, 2016. The Bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated post offices, and recognised stock exchanges.

Sovereign Gold Bond Scheme Opens For Fifth Tranche From Sept 01, 2016

The bonds will be restricted for sale to resident Indian entities including individuals, HUFs, Trusts, Universities and Charitable Institutions.

The maximum permissible investment amount is 1 gram of gold. The maximum amount subscribed by an entity should not be more than 500 grams per person per fiscal year.

Payment for the Bonds will be made through cash payment for the amount upto Rs 20,000 or will be made through demand draft or cheque or electronic banking.

The interest on these bonds will be taxable as per the provision of Income Tax Act. The capital gains tax arising on redemption of SGB to an individual has been exempted. The indexation benefits will be provided to long term capital gains arising to any person on transfer of bond.

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