I am returning back after staying for 20 years in USA. How much ornamental gold can I take back? Since it’s been accumulated over years.Do we pay taxes at airport?
@stripasuri Here’s what I could find.
Persons of Indian origin (NRI, OCI, PIO) returning to India after a staying abroad for at least six months can take up to 1 kilogram of gold to India.
• This 1 kg of gold is NOT allowed in duty free. Duty has to be paid. • The current rate of duty on gold that is within the allowed 1 kg limit is calculated @ 10 % [Notification No.12/2012-Cus]
• The price of gold is calculated based on the value notified by the government of India. This value is subject to change from time to time as market conditions change the value of gold.
• The rate of customs duty on gold in excess of the allowed 1 kg limit is currently set at 36.05%. So if you take more than 1 kg of gold. Then:
One Kg of gold the duty would be charged @ 10% [Notification No.12/2012-Cus]
Amount over 1 kg of gold, duty would be charged @ 36.05%.
• Customs duty has to be paid in convertible foreign currency.
• In case the passenger bringing in the gold has not stayed abroad for 6 months, then duty @ 36.05% may be charged on all the gold the passenger arrives with.
Note: Custom duties can be changed by the authorities at any time. Check with the concerned authorities for latest information .
So basically, it’s not a good idea to take gold with you to India. Customs can take a call on it depending on the situations (it’s totally their call) and charge duties. Many advise to convert it to money and transfer it to India instead of carrying it as gold. However small amounts of jewelry is ok (under allowed amounts).
Hope that helps.