As you all know that, as per the observation of economists, according to the current trend, it seems that the yellow metal is performing better as an investment option in comparison to mutual funds, equities, real estate, and fixed deposits. The weak global economic outlook for the entire year is might be the reason why gold prices are surging. The yellow metal is considered as a financial instrument that does not erode in valuation during periods of economic turbulence. Many global investors are looking for safer investment options including gold as fears over a recession continue to grow.
Therefore today I am discussing year wise Price of Gold in India in last 56 year alongwith the detailed discussion on its taxability under Income Tax Act and various forms in which investment in Gold can be handled.
Page Contents
- Taxation of GOLD
- 1. If Gold or Gold ornaments is received as gift
- 2. If Gold or Gold Bars held as assets and are sold then how it will tax under Income Tax?
- 3. What is Gold ETF and how taxes are charged on it?
- 4. How sovereign gold bonds (SGBs) taxed under Income Tax?
- 5. What is digital gold and how its tax under income tax
- Year wise Price of Gold in India:
Taxation of GOLD
1. If Gold or Gold ornaments is received as gift
Gold and ornaments received on the occasion of marriage is not taxable. Further, valuables and gifts received on any other occasion from the relatives should be kept on record as regards when and how they are received i.e. list should be prepared. Don’t forget income tax department may enquire about when and how these valuables were received. If these records are kept properly, then income tax will not be required to be paid. Further gifts of more than Rs. 50,000 received from other than relatives are taxable.
2. If Gold or Gold Bars held as assets and are sold then how it will tax under Income Tax?
If gold or gold bars held as assets, are sold within three years then short term capital gain on the profit is levied at normal rates applicable to individuals and if sold after three years then long term capital gain is levied on the profits @ 20%.
3. What is Gold ETF and how taxes are charged on it?
“Gold ETF” means “Gold Exchange Traded Funds.” Purchase and sale of ETF is carried out through stock market. In this option there is no risk of handling gold. However taxation of Gold ETF is same as selling gold jewellery. It means if Gold ETF is sold after 36 months from the date of purchase then Long term capital gain tax is levied @ 20% on the profits and if it is sold within 36 months then short term capital gain tax on the profits will be levied at normal slab rates.
4. How sovereign gold bonds (SGBs) taxed under Income Tax?
taxation of returns from SGBs is different. SGBs earn an interest of 2.5 per cent per annum. Interest earned from these bonds will be taxable under the head Income from other sources and taxed at the rates applicable to your income. The maturity amount that you will receive after 8 years is linked to the gold prices prevailing at that time in the market. In the case of SGBs if any capital gains arise at the time of maturity, then those will be exempted from tax. However, as an investor, you have an option to exit from the scheme post the expiry of lock-in period after five years. If you exit from the scheme after five years, any capital gains arising from such a sale will be taxed as long-term capital gains at 20 per cent with indexation. However, TDS provisions will not be applicable at the time of maturity or sale of the bonds.
5. What is digital gold and how its tax under income tax
Many banks and brokerage companies, in partnership with MMTC, offer digital gold through their apps. Investors can invest very small amount of money in gold through this route. Income tax on digital form of gold is similar to what is applicable to the physical form of gold or gold ETFs.
Year wise Price of Gold in India:
| Year | Price (24 karat per 10 grams) | Year | Price (24 karat per 10 grams) |
| 1964 | Rs.63.25 | 1992 | Rs.4,334.00 |
| 1965 | Rs.71.75 | 1993 | Rs.4,140.00 |
| 1966 | Rs.83.75 | 1994 | Rs.4,598.00 |
| 1967 | Rs.102.50 | 1995 | Rs.4,680.00 |
| 1968 | Rs.162.00 | 1996 | Rs.5,160.00 |
| 1969 | Rs.176.00 | 1997 | Rs.4,725.00 |
| 1970 | Rs.184.00 | 1998 | Rs.4,045.00 |
| 1971 | Rs.193.00 | 1999 | Rs.4,234.00 |
| 1972 | Rs.202.00 | 2000 | Rs.4,400.00 |
| 1973 | Rs.278.50 | 2001 | Rs.4,300.00 |
| 1974 | Rs.506.00 | 2002 | Rs.4,990.00 |
| 1975 | Rs.540.00 | 2003 | Rs.5,600.00 |
| 1976 | Rs.432.00 | 2004 | Rs.5,850.00 |
| 1977 | Rs.486.00 | 2005 | Rs.7,000.00 |
| 1978 | Rs.685.00 | 2006 | Rs.8,400.00 |
| 1979 | Rs.937.00 | 2007 | Rs.10,800.00 |
| 1980 | Rs.1,330.00 | 2008 | Rs.12,500.00 |
| 1981 | Rs.1,670.00 | 2009 | Rs.15,105.00 |
| 1982 | Rs.1,645.00 | 2010 | Rs.16,320.00 |
| 1983 | Rs.1,800.00 | 2011 | Rs.20,775.00 |
| 1984 | Rs.1,970.00 | 2012 | Rs.28,040.00 |
| 1985 | Rs.2,130.00 | 2013 | Rs.29,610.00 |
| 1986 | Rs.2,140.00 | 2014 | Rs.28,470.00 |
| 1987 | Rs.2,570.00 | 2015 | Rs.26,245.00 |
| 1988 | Rs.3,130.00 | 2016 | Rs.28,340.00 |
| 1989 | Rs.3,140.00 | 2017 | Rs.28,950.00 |
| 1990 | Rs.3,200.00 | 2018 | Rs.30,680.00 |
| 1991 | Rs.3,466.00 | 2019 | Rs.31,640.00 |
Republished with Amendments
I want to know the rate of gold on 01/06/2003 pls send me it
For calculation of Capital Gains for Gold Ornaments sold in Aug 2019, I would appreciate if you can kindly inform me:
1. Is the base rate of Gold of 31.3.2001 or 31.3.2002 is to be taken for calculating the gain?
2. The Gold rates from 2001 to 2010?
3. For ornaments purchased in July 2005 for which no bill is available, should we take the rate as on 31.3.2004 or 31.3.2005?
4. The Cost inflation Index show the Financial Year. Will it be ok if I adopt the base index for the corresponding Financial year.
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