It is not appropriate to keep gold as jewelery as per government rule. But you need to show money to buy it.
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Gold Prices: 10000 worth of gold taken at the time of independence would be worth crores of rupees today, Gold prices since 1947 till date
October 11, 2023
Gold Price: Gold Price 1947 to 2023: If our grandfather bought and kept gold 76 years ago, today this gold will make you a millionaire. Because, if you had bought gold worth Rs 10,000 at the time of independence i.e. 76 years ago, the value of your gold investment today would have been more than Rs 1 crore at current prices. However, today we will get information about the interesting statistics of how much the price of gold has increased every year from the time of independence till now.
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Gold prices
Year gold price
1947 88 Rs.
1948 95 Rs.
1949 94 Rs.
1950 99 Rs.
1951 98 Rs.
1952 76 Rs.
1953 73 Rs.
1954 77 Rs.
1955 79 Rs.
1956 90 Rs.
1957 90 Rs.
1958 95 Rs.
1959 102 Rs.
1960 111 Rs.
1961 119 Rs.
1962 119 Rs.
1963 97 Rs.
1964 63 Rs.
1965 71 Rs.
1966 83 Rs.
1967 102 Rs.
1968 162 Rs.
1969 176 Rs.
1970 184 Rs.
1971 193 Rs.
1972 202 Rs.
1973 243 Rs.
1974 369 Rs.
1975 520 Rs.
1976 545 Rs.
1977 486 Rs.
1978 685 Rs.
1979 890 Rs.
1980 1300 Rs.
1981 1800 Rs.
1982 1600 Rs.
1983 1800 Rs.
1984 1900 Rs.
1985 2000 Rs.
1986 2100 Rs.
1987 2500 Rs.
1988 3000 Rs.
1989 3100 Rs.
1990 3200 Rs.
1991 3400 Rs.
1992 4300 Rs.
1993 4100 Rs.
1994 4500 Rs.
1995 4650 Rs.
1996 5100 Rs.
1997 4700 Rs.
1998 4000 Rs.
1999 4200 Rs.
2000 4400 Rs.
2001 4300 Rs.
2002 5000 Rs.
2003 5700 Rs.
2004 5800 Rs.
2005 7000 Rs.
2006 9000 Rs.
2007 10800 Rs.
2008 12500 Rs.
2009 14500 Rs.
2010 18000 Rs.
2011 25000 Rs.
2012 32000 Rs.
2013 33000 Rs.
2014 30000 Rs.
2015 28700 Rs.
2016 31000 Rs.
2017 31400 Rs.
2018 29000 Rs.
2019 39000 Rs.
2020 48800 Rs.
2021 48850 Rs.
2022 52670 Rs.
2023 59355 (Present)
Gold Price 1947 to 2023
It can be seen in this table that the price of gold at the time of independence was only Rs.88 per 1 tolu ie 10 grams. Which is now 59300 in 2023. It means that the price of gold has increased 675 times in 75 years. In 1947 if you pay 100 Rs. If gold is taken, its value is now 67500.
If they have inherited jewelery. So you need to show his will. According to the Central Board of Direct Taxes (CBDT) in the year 2016, the government allows you to keep gold if you can prove the inheritance of the gold you have received.
What is the rule of Income Tax Act?
Narayan Jain, a tax consultant, says the gold holding limits are for those who do not file IT returns. If you cannot prove the gold you inherited, the IT officer can confiscate your gold. In addition, according to the new rule for the year 2019, if you can buy more than 50,000 thousand gold, you have to give a mandatory PAN card. And everyone who buys gold has to give a receipt.
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