Dhanteras 2022: How much gold can you buy from Dubai

New Delhi, Oct 21: Dhanteras, which marks the begining of festival of lights in India is observed on the 13th day of the month of Ashwin (of the Hindu lunar calendar) and this time it falls on 23 October. Is a time when people consider buying into gold and gold ornaments as highly auspicious.

Buying gold attracts taxes in India, besides the actual value of the metal adding to the overall price of the metal.

So, many Indians consider to buy gold or gold jewellery from Dubai, where no taxes are levied on it.

Concessional rate of duty @ 12.5% + Social Welfare Surcharge @ 1.25% applies for gold to Indian origin people if stays are for more than six months.

This concessional rate of duty will apply for gold to Indian Passport holders and persons of Indian origin if stays are for more than 6 months. Short visits up to a total of 30 days during the 6 months shall be ignored.

Otherwise, a person will have to pay 38.5% of customs duty on the gold brought to India.

The weight of the gold should not be more than 1 kg per person.

Customs Duty-Free Allowance can be availed of by Indian passenger who has been residing abroad for over one year, is different. For a man, the rate is Rs. 50,000, and for a woman, the rate is Rs. 1,00,000.

However, one should keep in mind that you cannot bring any amount of gold from Dubai and sell it off in India.

Besides, the passenger is also allowed to obtain the permitted quantity of gold from the Customs bonded warehouse of State Bank of India and Metals and Mineral Trading Corporation subject to conditions.