What Custom Duty Charged If You Import Gold In India?

Indian gold rates depend on international gold prices and additional taxes charged on the yellow metal. However, in Dubai or Riyadh, gold rates are much cheaper than the rates in India. As per regulation Indian residents who have lived for above 6 months in Dubai or Riyadh, can buy and carry gold in India. One will have to give the customs charge if the amount of gold exceeds the duty-free import limit.

On gold bars, Rs. 300 per 10 grams + 3% of Edu cess will be charged, and on other forms of gold (coins, ornaments, etc.), Rs. 750 per 10 grams + 3% Edu cess will be charged, if the gold amount exceeds the limit. However, a man can bring a maximum of 20 gms of gold and a woman can bring a maximum of 40 gms of gold from Dubai to India without any tax. Indians prefer coins or bars when bringing gold. They can up carry up to 1 kg gold in luggage to India. For gold ornaments additional making charge will be imposed, for gold bars one can avoid it.

In the last month, gold rates dropped significantly after multiple interest rate hikes by the US Fed. Investors are interested to buy gold now at lower prices, to get higher returns in the long run.