- No limit on holding of gold jewellery/ornaments by anybody provided : acquired from explained sources of income incl inheritance.
- Vide circular dated 11.5.1994, instructions have been issued in the matter of search and seizure of gold jewellery.
- Jewellery/ ornaments upto 500 gms for married lady, 250gms fr unmarried lady & 100gm for male will not be seized, even if found.
- Even if, prima facie, it does not seem to be matching with the income record of the assesee, such jewellery will not be seized.
- Officer conducting search has discretion not to seize even higher quantity of jewellery based on factors – customs/traditions.