At the moment, there is a weight limit of 1 kg for gold. If you choose to carry more than 1 kg of gold bars, you will have to pay additional fees for the amount of gold that exceeds the 1 kg limit. In this case, you will also have to pay the 12.5% import tax. In India, there are no customs duties on gold ornaments.
If you are looking for an alternative way to invest in gold, consider converting your IRA to gold. This way, you can easily invest in gold without worrying about the weight limit or import taxes. But taxes apply to ingots, crackers and gold coins. The tax-free subsidy amounts to 50,000 rupees for men and 1 lakh rupees for women. Indians who have lived abroad for six months or more can bring up to 1 kg of gold to India.
However, customs duties will apply in this regard. Travelers currently pay a 10% gold tax. This applies to the allowed gold limit a passenger can carry. Airline or country websites will have information on the amount of gold that can be brought into the country, the legal documents required, customs duties, if applicable, and the procedure for declaring your valuables.
When traveling outside India, it is advisable to have a receipt for gold jewelry purchased in India in case customs officials request it. In this case, request a private room so that other passengers don't know that your bags contain gold. If you buy gold jewelry in India and take it with you to a foreign country, you won't have to pay customs duties on it.
