New Delhi: Indians usually buy gold in Dubai and bring it to India, as it costs less there than in India. Gold has always been seen as a safe investment by Indians. Indians buy gold for various reasons including wedding, decoration. Comparatively, gold is in high demand in India.
Indian passengers can bring up to 1 kg of gold in the form of coins and bars from Dubai in luggage to India after paying duty. However, Central Board of Indirect Taxes and Customs regulations state that they must be present in Dubai for more than six months.
Indians transporting gold in excess of the permitted limit are liable to customs or other duties. Indians transporting gold in excess of the permissible limit must declare their 'Dutyable' gold and enter 'Red Channel'.
What is the duty-free gold limit?
Men are allowed to bring 20 grams of gold from Dubai to India. Gold jewelry worth less than ₹50,000 in bars and coins can be brought from Dubai to India without paying customs duty.
Women can bring 40 grams of gold. However, gold jewellery, bullion, coins worth less than 1 lakh can be brought from Dubai to India without any customs duty.
Children under the age of 15 can bring less than 40 grams of gold from Dubai to India in the form of jewelery or gifts. However, they must have proof of identity of their relationship with the accompanying adult. Such passengers should have proper documents regarding gold when checked by customs officials.
Customs duty to be paid if the gold is above the prescribed limit:
For men 3% customs duty is applicable on 20-50 grams of gold, 6% duty is applicable on gold between 50-100 grams and 10% duty is applicable above 100 grams.
For women and children, 3% duty applies for gold between 40-100 grams, 6% for 100-200 grams and 10% above 200 grams.