Q552. Procedure to pay customs duty on gold in India . . .

Question: Dear Virendar sir, We are living in Germany for over 4 years and will be leaving to India next month. We have gold about 100g (2*50g each bar) and would like to carry it to India. Would you please kindly let us know the procedure?Do I need to pay any custom duty at Indian airport? Thank you. Best regards, Murthy Answer: Yes! customs duty will have to be paid in India. Assuming price of gold @ Rs. 28000/- per 10 grams, total value for 100 grams works out to Rs. 2,80,000/- Be prepared to pay approximately Rs. 28,000/- plus Rs. 840/- = Rs. 28,840/- Keep receipts of your gold purchase if you have them. When filling landing form on arrival in India, clearly state what items/value you have to declare and walk out through the Red channel on arrival. Declare the gold, pay customs duty/taxes and get a receipt. Be prepared to make payment of duty in foreign exchange. Customs duty on gold is now charged ad valorem rates in India. So the price would be based on the prevailing price of the gold and not what you may have bought the gold for in Germany or any other foreign country.

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