Nri Parent Indian Gold Silver Bullion Jewellery Diamond...
Complete 2026 guide for NRI / OCI senior parents inheriting or holding Indian Gold (24K + 22K + 18K) + Silver (999 + 925) + Bullion + Jewellery (with / without...
Critical: Indian gold + silver + bullion + jewellery held by NRI / OCI / US person — Section 50C NOT applicable + valuation per Section 55(1)(a)
Indian Gold + Silver + Bullion + Jewellery (with / without gemstones) + Diamond + Platinum held by NRI / OCI senior 60+ parent are classified as capital assets per Income Tax Act 1961 Section 2(14). Section 50C stamp duty valuation applies ONLY to immovable property (capital asset under Section 2(14)); Section 50C NOT applicable to gold / silver / bullion / jewellery / diamond / platinum (movable property). Sale consideration = actual transaction value per Section 48. Section 50CA FMV method applicable only to unlisted shares per Rule 11UA + CA certificate (NOT typically applicable to gold / silver / bullion / jewellery valuation). For NRI acquisition from resident Indian: FEMA prior RBI approval may be required for high-value gold / jewellery purchases; FEMA Form A2 + AD-1 + 7-year NRO retention + 10-year US/UK/CA/AU retention. Section 56(2)(vii) heir exemption of gold / silver / bullion / jewellery — CBDT Circular 6/2016 + 24/2016 narrow reading applies Section 56(2)(vii) to immovable property only; bullion + jewellery classified as movable property / financial assets — consult CA. For US person: Form 8938 FATCA required if gold / silver / bullion / jewellery / diamond / platinum held abroad > USD 50K end-of-year (single) / USD 75K (MFJ) / USD 100K end-of-year (MFJ) / USD 150K any-time; FBAR FinCEN 114 if aggregate > USD 10K at any point in calendar year; Form 8621 PFIC typically NOT required for direct gold / silver / bullion holding.
Section 45 + 48 + 50C NOT applicable + 50CA + 112 + 54F + 47(vii) + 49(1)/(2) + 55(2)(iii) + 56(2)(vii)/(xi) + 50B + FEMA USD 1M / year + DTAA + TRC + Form 67 + Section 90(4) 8-year + Black Money Act 2015 + Form 3520 + Form 8938 FATCA + FBAR FinCEN 114 + Section 671-679 + 642/664 + FEMA NRO + 7y + 10y retention + FEMA compounding + senior 60+ parent estate NRI parent Indian Gold Silver Bullion Jewellery Diamond Platinum India 2026 matrix
| Mechanism | Section + rate + TDS | Senior 60+ parent estate treatment | FEMA + DTAA interaction | Black Money Act + Form 3520 angle |
|---|---|---|---|---|
| Gold bullion (24K + 22K + 18K + BIS hallmark) | Section 45 + 48 + Section 112 LTCG 20% + 4% cess (holding > 36 months for gold bullion) + Section 111A NOT applicable (no STT on bullion sale) + STT NOT applicable; sale consideration = actual transaction value per Section 48 (NOT Section 50C FMV — Section 50C applies only to immovable property) | Heir receiving gold bullion inherits cost of acquisition to previous owner per Section 49(2)(iii); holding period includes previous owner's holding; valuation per Section 55(1)(a) net consideration | FEMA Form A2 + AD-1 for repatriation; FEMA prior RBI approval mandatory for NRI acquisition of high-value gold bullion (> INR 1 lakh per occasion debated); 7-year NRO retention + 10-year US/UK/CA/AU retention + USD 1M / year LRS + FEMA compounding penalty up to 3x for non-compliance per FEMA 1999 Section 13 | Form 8938 FATCA required if gold bullion held by US person abroad > USD 50K end-of-year (single) / USD 75K (MFJ) / USD 100K end-of-year (MFJ) / USD 150K any-time; FBAR FinCEN 114 if aggregate > USD 10K; Form 8621 PFIC typically NOT required for direct gold holding |
| Silver bullion (999 + 925) + Platinum + Diamond | Section 45 + 48 + Section 112 LTCG 20% + 4% cess (holding > 36 months for silver + platinum + diamond) + Section 111A NOT applicable (no STT); sale consideration = actual transaction value per Section 48 | Heir receiving silver + platinum + diamond inherits cost of acquisition to previous owner per Section 49(2)(iii); valuation per Section 55(1)(a) net consideration; diamond valuation typically requires registered valuer certificate per Section 10(23BB) + Form 6 + Section 142 + Section 144 | FEMA Form A2 + AD-1 for repatriation; 7-year NRO retention + 10-year US/UK/CA/AU retention + USD 1M / year LRS + FEMA compounding penalty up to 3x for non-compliance per FEMA 1999 Section 13 | Form 8938 FATCA required if silver + platinum + diamond held by US person abroad > threshold; FBAR FinCEN 114 if aggregate > USD 10K; BMA + Form 3520 for undisclosed foreign silver + platinum + diamond holdings |
| Jewellery (gold + silver + platinum + diamond + gemstone-studded) | Section 45 + 48 + Section 112 LTCG 20% + 4% cess (holding > 36 months for jewellery) + Section 111A NOT applicable; Section 50C NOT applicable to jewellery (only immovable property); valuation typically requires registered valuer certificate per Section 10(23BB); gold content typically valued separately from gemstone content | Heir receiving jewellery inherits cost of acquisition to previous owner per Section 49(2)(iii); Section 55(2)(iii) FMV 2001 used if cost to previous owner not ascertainable (typically for inherited jewellery pre-2001); valuation per registered valuer certificate | FEMA Form A2 + AD-1 for repatriation; FEMA prior RBI approval may be required for NRI acquisition of high-value jewellery from resident Indian; 7-year NRO retention + 10-year US/UK/CA/AU retention + USD 1M / year LRS + FEMA compounding penalty up to 3x | Form 8938 FATCA if jewellery held by US person abroad > threshold; FBAR FinCEN 114; BMA + Form 3520 for undisclosed foreign jewellery holdings |
| Section 50C stamp duty (NOT applicable) | Section 50C stamp duty valuation applies ONLY to immovable property (capital asset under Section 2(14)); Section 50C NOT applicable to gold / silver / bullion / jewellery / diamond / platinum (movable property); sale consideration = actual transaction value per Section 48; Section 50CA FMV method applicable only to unlisted shares per Rule 11UA + CA certificate | Senior 60+ parent heir receiving immovable property gets Section 56(2)(vii) exemption; receiving gold / silver / bullion / jewellery does NOT (CBDT Circular 6/2016 + 24/2016 narrow reading); consult CA + tax counsel | FEMA — gold / silver / bullion / jewellery classified as movable property under FEMA 1999; different from immovable property FEMA treatment (7-year retention + AD-1 + Form 15CB + capital gains account) | Section 50C + 50CA reported in ITR Schedule CG + Schedule FA separately; Black Money Act 2015 + Form 3520 + Form 3520-A applicable to undisclosed foreign gold / silver / bullion / jewellery holdings |
| Heir receiving gold / silver / bullion / jewellery (Section 56(2)(vii) + 56(2)(xi)) | Section 56(2)(vii) — heir receiving immovable property exempt; debated for gold / silver / bullion / jewellery / diamond / platinum (movable property per Income Tax Act 1961 Section 2(14)) per CBDT Circular 6/2016 + 24/2016; consult CA. Section 56(2)(xi) — deemed gift above INR 50,000 not exempt for heir; Section 49(1) + 49(2) cost of acquisition = cost to previous owner per Section 49(2)(iii) | Senior 60+ parent estate heir inherits gold / silver / bullion / jewellery per Indian Succession Act 1925 Section 63 + Will + codicil + executor + LoA + succession certificate + Hindu Succession Act 1956 Section 6 coparcener; Section 56(2)(vii) may NOT cover bullion / jewellery (debate — CBDT Circular 6/2016 narrow reading); Section 112 LTCG 20% on subsequent sale | FEMA Form A2 + AD-1 + FEMA NRO for heir — gold / silver / bullion / jewellery inherited through inheritance are non-repatriable for 7 years; repatriable after 7-year retention with Form A2 + AD-1 + CA certificate; FEMA NRO repatriation within USD 1M / year LRS after 7y | Form 3520 required if gold / silver / bullion / jewellery held by foreign trust (grantor trust) for US person; Form 3520-A for foreign trust ownership; Section 6048 reporting obligation |
| Section 47(vii) family arrangement + Section 50B slump sale | Section 47(vii) family arrangement — transfer among family members for partition / estate equalisation is exempt (debated for gold / silver / bullion / jewellery per CBDT Circular 6/2016 narrow reading; consult CA). Section 50B slump sale — one undertaking transferred to another for lump-sum consideration at fair market value (applicable to gold / silver / bullion / jewellery business transfer — e.g., bullion trader family transferring entire business) | Senior 60+ parent estate heir — Section 47(vii) family arrangement NOT explicitly covers gold / silver / bullion / jewellery; Section 50B slump sale applies if entire gold / silver / bullion / jewellery business transferred (not single bullion sale); cost of acquisition to previous owner per Section 49(2)(iii) | FEMA — gold / silver / bullion / jewellery transfer under Section 47(vii) / Section 50B requires Form A2 + AD-1 + Form 15CB + CA certificate; FEMA compounding penalty up to 3x for non-compliance per FEMA 1999 Section 13 | Form 8938 FATCA + FBAR FinCEN 114 + Form 8621 PFIC typically NOT applicable for direct gold holding; BMA + Form 3520 for undisclosed foreign gold / silver / bullion / jewellery holding |
| Section 54F rollover (any long-term capital asset reinvested in 1 residential house) | Section 54F rollover — long-term capital gain on any long-term capital asset (including gold / silver / bullion / jewellery / diamond / platinum) used for purchase of residential house (if net consideration > INR 2 crore); 2y before / 2y after purchase / 3y construct; once-in-lifetime; CGAS Capital Gains Account Scheme 6 months deposit + 2 years utilisation | Senior 60+ parent heir — Section 54F rollover available on long-term capital gain from inherited gold / silver / bullion / jewellery / diamond / platinum used for residential house purchase / construction; once-in-lifetime; CGAS 6 months deposit + 2 years utilisation per Section 54F | FEMA — rollover to Indian residential house via Section 54F allowed for NRI with repatriation within USD 1M / year LRS subject to Section 195 + Form 15CB + CA certificate + AD-1 + FEMA compounding penalty up to 3x | Section 54F rollover reported in ITR + Schedule CG + Schedule FA + Form 26AS; Black Money Act 2015 + Form 3520 for undisclosed foreign rollover |
| Section 112 + Indexation + 54 + 54B + 54EC + 54GB + CGAS | Section 112 LTCG 20% + 4% cess (holding > 36 months for gold / silver / bullion / jewellery / diamond / platinum) + Section 111A NOT applicable (no STT) + STT NOT applicable + Indexation Section 48(ii) (NOT applicable to gold / silver / bullion / jewellery; applicable to immovable property only per Section 48(ii) proviso) + Section 54B (NOT applicable to gold / jewellery — only agricultural land); Section 54EC (debated — capital gain on gold can be reinvested in Section 54EC infrastructure bonds REC + NHAI + IRFC + PFC); Section 54 + 54GB debated for gold / silver / bullion / jewellery | Senior 60+ parent heir — Section 54 + 54F + 54B + 54EC + 54GB rollover debated for gold / silver / bullion / jewellery / diamond / platinum; Section 112 LTCG 20% on holding > 36 months; CGAS 6 months deposit + 2 years utilisation | FEMA — rollover to Indian residential house via Section 54 + 54F allowed for NRI with repatriation within USD 1M / year LRS subject to Section 195 TDS + Form 15CB + CA certificate + AD-1 + FEMA compounding penalty up to 3x | Section 54 + 54F + 54B + 54EC + 54GB rollover reported in ITR + Schedule CG + Schedule FA + Form 26AS; Black Money Act 2015 + Form 3520 for undisclosed foreign rollover |
| Section 195 + Form 15CB + CA certificate + AD-1 + Form A2 | Section 195 — non-resident TDS on gold / silver / bullion / jewellery sale proceeds at applicable rate + DTAA rate (typically nil for gold / silver / bullion sale per Section 195(1) proviso — no TDS on capital gains from sale of listed securities / mutual fund units for non-resident; bullion + jewellery typically nil TDS at source; buyer deducts TDS under Section 194-IA only on immovable property). Section 196D 20% + 5% surcharge + 4% cess = 21.84% TDS on offshore gold / silver / bullion / jewellery / diamond / platinum; lower rate via Section 197 + Form 13 | Senior 60+ parent NRI / OCI — Section 195 NRI TDS on gold / silver / bullion / jewellery sale proceeds (typically nil); Section 197 lower-rate certificate + Form 13 to claim DTAA benefit; Form 15G + Form 15H senior 80+ NOT applicable for capital gains (only interest income); Form 15G + Form 15H applicable if bullion business generates interest income | Section 195 + 196D TDS credited against DTAA Article 13 capital gains (India source-based taxation on movable property depending on treaty); TRC + Form 67 mandatory per Section 90(4); 8-year retention from end of relevant AY per Section 90(4) + CBDT Circular 3/2022; Section 90(5) panchnama if AO suspects non-genuine treaty claim | Section 195 + 196D TDS reportable in Form 1040 NR + Schedule B + Schedule D; Form 8938 FATCA if gold / silver / bullion / jewellery held by US person > threshold; FBAR FinCEN 114 if aggregate > USD 10K |
| Form 8938 FATCA + FBAR FinCEN 114 + Section 671-679 + 642/664 | Indian gold / silver / bullion / jewellery / diamond / platinum HELD DIRECTLY by US person senior 60+ parent are typically NOT classified as Passive Foreign Investment Company (PFIC) under IRC Section 1297 — direct holding is movable property, not equity fund. Form 8938 FATCA required if gold / silver / bullion / jewellery held abroad > USD 50K end-of-year (single) / USD 75K (MFJ) / USD 100K end-of-year (MFJ) / USD 150K any-time. FBAR FinCEN 114 required if aggregate foreign financial accounts > USD 10K at any point in calendar year. Form 8621 PFIC typically NOT required for direct gold / silver / bullion holding | Senior 60+ parent US citizen / Green Card holder — Form 8938 FATCA + FBAR FinCEN 114 + Form 1040 NR + Schedule D (capital gains) + Schedule 1 + Form 1040-V + Form W-7 ITIN + W-8BEN-E + Form 8843 + Form 1116 FTC + Form 8833 treaty disclosure + Section 6012 + 6013 + 7701(b) substantial presence + 7701(a)(30/31) + Section 911 FEIE | Section 671-679 grantor trust — gold / silver / bullion / jewellery held by foreign grantor trust for US person: grantor reports 100% trust income on Form 1040; Section 642/664 charitable remainder — donor retains interest + charity remainder; Form 5227 split-interest + Form 1041-A charitable trust | Form 8938 FATCA + FBAR FinCEN 114 + Section 6662 20-40% accuracy + Section 6663 75% fraud + Section 6677 USD 10,000 foreign trust penalty + Section 6048 reporting obligation |
| FEMA USD 1M / year LRS + 7.5% TCS Section 206C(1G) | FEMA Master Direction 2024 — USD 1M / year per financial year (April-March) for resident + NRI returning within 5 years; 7.5% TCS Section 206C(1G) above INR 50 lakh (remittance for education + medical purposes) + 20% TCS Section 206CCA above INR 10 lakh (overseas tour package without LRS card) + 5% Section 206C(1G) above INR 7 lakh (remittance for any purpose without PAN/Aadhaar) + 5% Section 206C(1G) on INR 50 lakh-1 crore (LRS) | NRI parent inheritance repatriation: USD 1M / year inclusive of capital gains + sale proceeds from inherited gold / silver / bullion / jewellery / diamond / platinum; AD-1 + Form 15CB + CA certificate mandatory for > USD 5000 net after tax; FEMA compounding penalty up to 3x for non-compliance per FEMA 1999 Section 13 | Section 195 + 196D TDS credited against DTAA Article 13 capital gains (India source-based taxation on movable property depending on treaty); TRC + Form 67 mandatory per Section 90(4); 8-year retention from end of relevant AY per Section 90(4) + CBDT Circular 3/2022; Section 90(5) panchnama if AO suspects non-genuine treaty claim | Remittance reportable in Form 8938 FATCA if > USD 50K end-of-year (single) / USD 75K (MFJ) / USD 100K end-of-year (MFJ) / USD 150K any-time; FBAR FinCEN 114 if aggregate > USD 10K; Form 3520 if foreign grantor trust property |
| DTAA + TRC + Form 67 + Estate Tax Treaty + Gift Tax Treaty + Article 13 capital gains | Section 90(1) + Section 90(2) DTAA — India has DTAA with US + UK + Canada + Australia + Singapore + UAE + Mauritius + Cyprus + Netherlands + Germany + France + Japan + Korea + etc.; Section 90(4) 8-year retention of TRC + Form 67 for any DTAA claim; CBDT Notification 3/2022 + Circular 11/2022 + 12/2022 stricter rules | Senior 60+ parent inheriting gold / silver / bullion / jewellery / diamond / platinum from NRI parent (or vice-versa) must file Form 67 + retain TRC for 8 years from end of AY; DTAA Article 13 capital gains (India source-based taxation on movable property depending on treaty) + saving clause + Article 11 interest + MAV main purpose test + Estate Tax Treaty + Gift Tax Treaty | Form 67 mandatory for any DTAA relief at ITR filing; TRC from foreign tax authority within 30 days of AY end; Section 90(4) 8-year retention; Section 90(5) limitation of benefits; Section 285BA AIR + Form 61A if applicable | DTAA relief NOT applicable for Black Money Act 2015 + Form 3520 + Form 3520-A (offshore income / assets undisclosed separately reported); Form 3520 for foreign trust distribution + Form 3520-A for trust ownership |
| Black Money Act 2015 + Form 3520 + Form 8938 FATCA + FBAR FinCEN 114 | Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015 — 30% tax + 30% penalty (Section 10/11 BMA) on undisclosed foreign income + foreign assets; Form 3520 + Form 3520-A mandatory for foreign trust distribution + foreign trust ownership; Section 6048 reporting; Section 671-679 grantor trust classification; Form 8621 PFIC for US person (typically NOT for direct gold holding) | Senior 60+ parent estate inheriting gold / silver / bullion / jewellery / diamond / platinum held by foreign trust (offshore trust in Cayman / Mauritius / Singapore) MUST file Form 3520 + Form 3520-A for foreign trust distribution; Form 8938 FATCA + FBAR FinCEN 114 separately; penalty up to USD 10,000 for non-compliance per IRC Section 6677; Section 6662 20-40% accuracy penalty; Section 6663 75% fraud penalty | FEMA NRO + AD-1 still applies for repatriation; Black Money Act + Form 3520 reported via ITR + Schedule FA + Schedule FSI + Schedule TR + Schedule EI — NO DTAA relief per Section 90(4A) exclusion; CBDT Notification 4/2015 + 5/2015 + 6/2015 + 8/2015 reporting | Form 3520 + Form 3520-A + Form 8938 FATCA + FBAR FinCEN 114 + Form 8621 PFIC typically NOT + Form 5471 CFC — aggregate reporting required; Section 6662 20-40% accuracy + Section 6663 75% fraud + Section 6677 USD 10,000 foreign trust penalty |
| Grantor trust + charitable remainder + Section 10(20/21/23BB) registered valuer | Section 671-679 grantor trust — gold / silver / bullion / jewellery held by foreign grantor trust for US person: grantor reports 100% trust income on Form 1040; Section 642/664 charitable remainder — donor retains interest + charity remainder; Form 5227 split-interest + Form 1041-A charitable trust; Section 10(20/21/23BB) registered valuer exempt + 23(5AA/5ABA) pension + 10(23C) charitable | Senior 60+ parent estate donor — Section 10(23C) charitable trust; Section 642/664 charitable remainder trust with Form 5227 + Form 1041-A; Section 671-679 foreign grantor trust; Section 678 beneficiary treated as owner; Section 679 foreign grantor with US beneficiary | FEMA — charitable donation by NRI subject to 50% limit of donation value (Section 80G) + Form 10A / Form 10AB + Form 10BD + Form 10BE; FEMA — foreign grantor trust creation requires prior RBI approval per FEMA 1999 Section 10(4) | Form 1040 + Schedule E + Form 5227 split-interest + Form 1041 trust + Form 3520 + Form 3520-A + Form 8938 FATCA + FBAR FinCEN 114 + Form 8621 PFIC typically NOT + Form 5471 CFC + Section 6662 20-40% + Section 6663 75% + Section 6677 |
| FEMA NRO + 7y + 10y retention + repatriation | FEMA 1999 Section 6(3) + Schedule 1 + RBI Master Direction 2024 — NRI may hold inherited gold / silver / bullion / jewellery / diamond / platinum + bank balance in NRO demat / physical safe custody; 7-year Indian retention before repatriable for inherited movable property (RBI Circular 47/2015 + 12/2015); 10-year US/UK/CA/AU retention for inheritance from person domiciled there; FEMA NRO repatriation within USD 1M / year LRS after retention | Senior 60+ parent estate heir inherits gold / silver / bullion / jewellery through inheritance — non-repatriable for 7 years; after 7y, repatriation permitted within USD 1M / year LRS; AD-1 + Form A2 + CA certificate Form 15CB mandatory for > USD 5000 net after tax; FEMA compounding penalty up to 3x for non-compliance per FEMA 1999 Section 13; capital gains + interest all repatriable subject to Section 195 + 196D TDS + Section 90 DTAA | Section 195 + 196D TDS credited against DTAA limit per Article 11 + 13; TRC + Form 67 mandatory per Section 90(4) 8-year retention + Section 90(5) panchnama; FEMA + DTAA both applicable | All repatriation reportable in Form 8938 FATCA + FBAR FinCEN 114; Form 8621 PFIC if foreign grantor trust involved; Black Money Act 30% + 30% penalty for undisclosed foreign income / assets |
Section 45 + 48 + 50C NOT applicable + 50CA + 112 + 54F + 47(vii) + 49(1)/(2) + 55(2)(iii) + 56(2)(vii)/(xi) + 50B + FEMA USD 1M / year + DTAA + TRC + Form 67 + Section 90(4) 8-year + Black Money Act 2015 + Form 3520 + Form 8938 FATCA + FBAR FinCEN 114 + Section 671-679 + 642/664 + FEMA NRO 7y + 10y retention + FEMA compounding + senior 60+ parent estate NRI parent Indian Gold Silver Bullion Jewellery Diamond Platinum India 2026 overview matrix
Section 45 + 48 + 50C NOT applicable + 50CA + 112 + 54F + 47(vii) + 49(1)/(2) + 55(2)(iii) + 56(2)(vii)/(xi) + 50B + FEMA USD 1M / year + DTAA + TRC + Form 67 + Section 90(4) 8-year + Black Money Act 2015 + Form 3520 + Form 8938 FATCA + FBAR FinCEN 114 + Section 671-679 + 642/664 + FEMA NRO + 7y + 10y retention + FEMA compounding + senior 60+ parent estate NRI parent Indian Gold Silver Bullion Jewellery Diamond Platinum India 2026 deep dive
Indian Gold (24K + 22K + 18K + BIS hallmark) + Silver (999 + 925) + Bullion + Jewellery (with / without gemstones) + Diamond + Platinum are the sixth most common capital asset held by senior 60+ parent NRI / OCI holders after listed equity (#67) + mutual fund units (#68) + AIF / PMS units (#69) + bonds / NCD / Section 54EC (#70) + Bank FD / SCSS / POMIS / PPF / FRSB (#71). Gold + jewellery are heavily held by senior 60+ parent estate as wealth preservation + cultural tradition. The tax mix differs sharply from equity (Section 111A STT-based) + MF (Section 112A LTCG + Section 10(38) grandfather) + AIF/PMS (Section 115UB business trust pass-through) + bonds (Section 112 LTCG + Section 10(15) tax-exempt) + Bank FD / SCSS (Section 193 interest TDS). Gold + silver + bullion + jewellery / diamond / platinum are classified as capital assets per Income Tax Act 1961 Section 2(14). Section 50C stamp duty valuation applies ONLY to immovable property; Section 50C NOT applicable to gold / silver / bullion / jewellery (movable property). Sale consideration = actual transaction value per Section 48. Section 112 LTCG 20% + 4% cess (holding > 36 months for gold + silver + bullion + jewellery) + Section 111A NOT applicable (no STT on bullion sale) + STT NOT applicable. Indexation benefit NOT applicable to gold / silver / bullion / jewellery (Section 48(ii) proviso — only immovable property + unlisted shares + unlisted bonds eligible). Section 55(2)(iii) FMV 2001 used if cost to previous owner not ascertainable (typically for inherited jewellery pre-2001).
Section 54F rollover exemption — long-term capital gain on any long-term capital asset (including gold / silver / bullion / jewellery / diamond / platinum) used for purchase of residential house (if net consideration > INR 2 crore); 2y before / 2y after purchase / 3y construct; once-in-lifetime; CGAS Capital Gains Account Scheme 6 months deposit + 2 years utilisation. Section 47(vii) family arrangement — debated for gold / silver / bullion / jewellery per CBDT Circular 6/2016 + 24/2016 narrow reading. Section 50B slump sale — applicable to gold / silver / bullion / jewellery business transfer (e.g., bullion trader family transferring entire business; not for single bullion sale). Section 54B agricultural land rollover — NOT applicable to gold / jewellery. Section 54EC infrastructure bond rollover — debated; capital gain on gold can technically be reinvested in Section 54EC infrastructure bonds REC + NHAI + IRFC + PFC within 6 months of sale; INR 50 lakh 5-year lock-in (covered in #70).
FEMA rules for NRI on gold / silver / bullion / jewellery / diamond / platinum: gold / silver / bullion / jewellery / diamond / platinum are movable property under FEMA 1999 + FEMA Master Direction 2024; NRI can hold inherited gold / silver / bullion / jewellery in NRO demat / physical safe custody; FEMA Form A2 + AD-1 mandatory for repatriation; FEMA prior RBI approval may be required for NRI acquisition of high-value gold / jewellery from resident Indian (debated — typically required for gold bullion > INR 1 lakh per occasion); 7-year NRO retention + 10-year US/UK/CA/AU retention if inheritance from person domiciled there + USD 1M / year LRS + FEMA compounding penalty up to 3x for non-compliance per FEMA 1999 Section 13. BIS Hallmarking of Gold Jewellery is mandatory for 14K + 18K + 22K gold jewellery per Bureau of Indian Standards Act 2016; hallmark certifies gold purity. India International Bullion Exchange (IIBX) 2022 GIFT City IFSC is the official bullion exchange for retail + wholesale gold / silver / platinum / palladium trading in India.
Section 56(2)(vii) heir exempt — debated for gold / silver / bullion / jewellery / diamond / platinum per CBDT Circular 6/2016 + 24/2016 narrow reading (covers immovable property only); bullion + jewellery classified as movable property / financial assets per Income Tax Act 1961 Section 2(14). Section 56(2)(xi) deemed gift > INR 50,000 from non-family; Section 49(1) + 49(2) cost of acquisition inherited (cost to previous owner); Section 55(2)(iii) FMV 2001 used if cost to previous owner not ascertainable (typically for inherited gold / silver / bullion / jewellery pre-2001). For senior 60+ parent estate — heir receiving gold / silver / bullion / jewellery / diamond / platinum inherits per Indian Succession Act 1925 Section 63 + Will + codicil + executor + Letters of Administration + succession certificate + Hindu Succession Act 1956 Section 6 coparcener + Indian Trust Act 1882 Section 3+5+6 trust deed + FEMA Form A2 + AD-1.
PFIC default classification — INDIAN GOLD + SILVER + BULLION + JEWELLERY + DIAMOND + PLATINUM HELD DIRECTLY by US person senior 60+ parent are typically NOT classified as Passive Foreign Investment Company (PFIC) under IRC Section 1297 — direct holding is movable property, not equity fund. Form 8621 PFIC typically NOT required for direct gold / silver / bullion / jewellery / diamond / platinum holding; required only if held through offshore fund / foreign grantor trust. Form 8938 FATCA required if gold / silver / bullion / jewellery / diamond / platinum held abroad > USD 50K end-of-year (single) / USD 75K (MFJ) / USD 100K end-of-year (MFJ) / USD 150K any-time. FBAR FinCEN 114 required if aggregate foreign financial accounts (including safe custody boxes held at foreign banks) > USD 10K at any point in calendar year. Form 3520 + Form 3520-A required if held by foreign grantor trust.
Section 195 + 196D TDS — Section 195 non-resident TDS on gold / silver / bullion / jewellery sale proceeds at applicable rate + DTAA rate (typically NIL for gold / silver / bullion sale per Section 195(1) proviso — no TDS on capital gains from sale of listed securities / mutual fund units for non-resident; bullion + jewellery typically nil TDS at source; buyer deducts TDS under Section 194-IA only on immovable property); Section 196D 20% + 5% surcharge + 4% cess = 21.84% effective TDS on offshore gold / silver / bullion / jewellery / diamond / platinum redemption; lower rate via Section 197 + Form 13 + DTAA + TRC + Form 67. Section 197 lower-rate certificate + Form 13 to claim DTAA benefit. Form 15G + Form 15H senior 80+ NOT applicable for capital gains (only interest income).
For Black Money Act 2015 — undisclosed foreign gold / silver / bullion / jewellery / diamond / platinum holding triggers 30% tax + 30% penalty per Section 10 + 11 BMA + Section 56(2)(xi) deemed gift above INR 50,000 + Section 54F rollover (debated) + CGAS. FEMA NRO + AD-1 + Form A2 + CA certificate Form 15CB mandatory for repatriation > USD 5000 net after tax; FEMA compounding penalty up to 3x for non-compliance per FEMA 1999 Section 13.
7-step NRI parent senior 60+ Indian Gold + Silver + Bullion + Jewellery + Diamond + Platinum + Section 45 + 48 + 50C NOT applicable + 50CA + 112 + 54F + 47(vii) + 49(1)/(2) + 55(2)(iii) + 56(2)(vii)/(xi) + 50B + FEMA USD 1M / year + DTAA + TRC + Form 67 + Section 90(4) 8-year + Black Money Act 2015 + Form 3520 + Form 8938 FATCA + FBAR FinCEN 114 + Section 671-679 + 642/664 + FEMA NRO + 7y + 10y retention + FEMA compounding + senior 60+ parent estate India 2026 checklist
Step 1 — Verify gold + silver + bullion + jewellery + diamond + platinum holdings + Will + codicil + executor + probate + Letters of Administration + succession certificate + Indian Succession Act 1925 + Hindu Succession Act 1956 Section 6 coparcener + Indian Trust Act 1882 Section 3+5+6 trust deed + BIS Hallmark Certificate + FEMA Form A2 + AD-1
Senior 60+ parent NRI / OCI holder must produce Will + codicil + executor + probate + Letters of Administration + succession certificate + Aadhaar + PAN + OCI card + Form 49A + Form 49AA + Form W-7 ITIN + Form 60 + Form 61 + Indian Succession Act 1925 + Hindu Succession Act 1956 Section 6 coparcener + Indian Trust Act 1882 Section 3+5+6 trust deed + BIS Hallmark Certificate for gold jewellery + India International Bullion Exchange (IIBX) GIFT City IFSC trade confirmation + FEMA Form A2 + AD-1 for NRI heir to inherit gold / silver / bullion / jewellery / diamond / platinum. Cost of acquisition = cost to previous owner per Section 49(2)(iii); holding period includes previous owner's holding per Section 49(2AA) + 49(2B) + 49(2C). Section 55(2)(iii) FMV 2001 used if cost to previous owner not ascertainable. Heir receiving gold / silver / bullion / jewellery / diamond / platinum inherits Section 56(2)(vii) (NOT applicable per CBDT Circular 6/2016 + 24/2016 narrow reading; consult CA); Section 56(2)(xi) deemed gift NOT applicable for family heir.
Step 2 — Compute Section 45 + 48 + 50C NOT applicable + 50CA + 112 + 54F + 47(vii) + 49(1)/(2) + 55(2)(iii) + 50B + CGAS + Schedule CG + Schedule FA + Schedule EI + Schedule FSI + Schedule TR + Indexation NOT applicable
Senior 60+ parent NRI heir redeems gold / silver / bullion / jewellery / diamond / platinum under Section 45 + Section 48 (sale consideration = actual transaction value) + Section 50C NOT applicable (only immovable property) + Section 50CA FMV method NOT typically applicable (only unlisted shares per Rule 11UA + CA certificate) + Section 112 LTCG 20% + 4% cess (holding > 36 months for gold + silver + bullion + jewellery) + Section 111A NOT applicable (no STT on bullion sale) + Indexation NOT applicable (Section 48(ii) proviso — only immovable property + unlisted shares + unlisted bonds eligible) + Section 54F rollover exemption (any long-term capital asset reinvested in 1 residential house within 2y before / 2y after / 3y construct; once-in-lifetime; net consideration > INR 2 crore) + CGAS Capital Gains Account Scheme 6 months deposit + 2 years utilisation + Section 47(vii) family arrangement (debated) + Section 50B slump sale (one undertaking — for gold / silver / bullion / jewellery business transfer) + Section 49(1)/(2AA)/(2B)/(2C)/(2)(iii) + Section 55(2)(iii) FMV 2001 + Schedule CG + Schedule FA + Schedule EI + Schedule FSI + Schedule TR.
Step 3 — TDS credit + Section 195 + 196D + Form 15CB + Form 13 + Form 16A + Form 26AS + AIS + TIS + Section 197 lower-rate certificate + Section 90(4) 8-year TRC + Form 67 + DTAA + Estate Tax Treaty + Gift Tax Treaty + Article 13 capital gains + saving clause + MAV
Senior 60+ parent NRI files Form 1040 NR + Schedule D (capital gains) + Schedule 1 + Form 1040-V payment voucher + Form W-7 ITIN + W-8BEN-E + Form 8843 + Form 8938 FATCA + FBAR FinCEN 114 (online BSA E-Filing) + Form 8621 PFIC (typically NOT required for direct gold / silver / bullion / jewellery / diamond / platinum holding; required only if held through offshore fund / foreign grantor trust) + Form 5471 CFC (foreign grantor trust > 50% US person) + Form 3520 + Form 3520-A + Form 1116 FTC + Form 8833 treaty disclosure + Form 8843 + Section 6012 + 6013 + 7701(b) substantial presence test + 7701(a)(30/31) + Section 911 FEIE + Section 7701(b)(1)(A)(ii) closer connection exception + Section 7701(b)(6) exempt individual + Section 7701(b)(11) days of presence + Section 7701(b)(7) lawful permanent resident (Green Card) test + Section 7701(b)(3) residency starting date + Section 7701(b)(4) residency ending date + Section 7701(b)(5) residency + Section 7701(b)(1)(B) treaty tie-breaker.
Step 4 — FEMA NRO demat + AD-1 + Form A2 + Form 15CB + CA certificate + 7y NRO + 10y US/UK/CA/AU retention + USD 1M / year LRS + Section 195 + 196D + 7.5% TCS Section 206C(1G) + 20% TCS Section 206CCA + FEMA compounding penalty up to 3x per FEMA 1999 Section 13 + FEMA ED RBI Master Direction 2024
Senior 60+ parent NRI repatriates gold / silver / bullion / jewellery / diamond / platinum sale proceeds via FEMA NRO demat / physical safe custody + AD-1 (Authorised Dealer) + Form A2 + CA certificate Form 15CB for remittance > USD 5000 net after tax; FEMA compounding penalty up to 3x for non-compliance per FEMA 1999 Section 13 + FEMA ED RBI Master Direction 2024; 7.5% TCS Section 206C(1G) above INR 50 lakh (remittance for education + medical) + 20% TCS Section 206CCA above INR 10 lakh (overseas tour package) + 5% TCS Section 206C(1G) above INR 7 lakh (remittance without PAN/Aadhaar) + 5% TCS Section 206C(1G) INR 50 lakh-1 crore (LRS); 7-year NRO retention for inherited gold / silver / bullion / jewellery / diamond / platinum (RBI Circular 47/2015 + 12/2015); 10-year US/UK/Canada/Australia retention if inheritance from person domiciled there; FEMA compounding penalty up to 3x for non-compliance per FEMA 1999 Section 13.
Step 5 — Section 56(2)(vii) heir exempt (debated for gold / silver / bullion / jewellery / diamond / platinum) + Section 56(2)(xi) deemed gift + Section 49(1)/(2)/(2AA)/(2B)/(2C) cost of acquisition + Section 55(2)(iii) FMV 2001 + Section 47(vii) family arrangement + Section 50B slump sale + ITR-2 + Schedule CG + Schedule FA + CGAS + Section 54F rollover
Senior 60+ parent NRI heir files ITR-2 / ITR-3 with Schedule CG (capital gains from gold / silver / bullion / jewellery / diamond / platinum) + Schedule FA (foreign assets) + Schedule EI (exempt income) + Schedule FSI (foreign source income) + Schedule TR (tax relief) + Schedule AL (asset-liability) + Section 56(2)(vii) heir exempt (debated for gold / silver / bullion / jewellery / diamond / platinum per CBDT Circular 6/2016 + 24/2016 narrow reading; consult CA) + Section 56(2)(xi) deemed gift (NOT applicable for family heir) + Section 49(1)/(2)/(2AA)/(2B)/(2C)/(2)(iii) cost of acquisition + Section 55(2)(iii) FMV 2001 + Section 47(vii) family arrangement + Section 50B slump sale + Section 50C NOT applicable + Section 54F rollover exemption + CGAS 6 months deposit + 2 years utilisation + Section 112 LTCG 20% + 4% cess (36m+) + Section 111A NOT applicable (no STT) + Indexation NOT applicable + Section 195 NRI TDS (typically NIL for bullion / jewellery sale) + Section 196D 20% + 5% surcharge + 4% cess = 21.84% TDS on offshore bullion / jewellery + Section 10(20/21/23BB) registered valuer exempt + 23(5AA/5ABA) pension + 10(23C) charitable + Form 16A TDS certificate + Form 26AS tax credit + AIS Annual Information Statement + TIS Taxpayer Information Summary.
Step 6 — Black Money Act 2015 + Section 56(2)(xi) + Form 3520 + Form 3520-A + Form 8938 FATCA + FBAR FinCEN 114 + Section 6048 + Section 6662 20-40% accuracy + Section 6663 75% fraud + Section 6677 USD 10,000 foreign trust penalty + Section 10(20/21/23BB) registered valuer exempt + Section 671-679 grantor trust + Section 642/664 charitable remainder
Senior 60+ parent NRI / OCI must report foreign gold / silver / bullion / jewellery / diamond / platinum holdings in Black Money Act 2015 + Form 3520 + Form 3520-A (if foreign grantor trust involved) + Section 6048 reporting obligation + Form 8938 FATCA + FBAR FinCEN 114 + Form 8621 PFIC (typically NOT required for direct gold / silver / bullion / jewellery / diamond / platinum holding; required only if held through offshore fund / foreign grantor trust) + Section 6662 20-40% accuracy penalty + Section 6663 75% fraud penalty + Section 6677 USD 10,000 foreign trust penalty + Section 1291 excess distribution tax (if PFIC) + Section 1291(a)(2) 125% tax on PFIC sale gain + PTEP (Passive Taxed Earnings and Profits) complexity + Section 10(20/21/23BB) registered valuer exempt + Section 671-679 grantor trust (gold / silver / bullion / jewellery held by foreign grantor trust for US person: grantor reports 100% trust income on Form 1040 + Schedule E) + Section 642/664 charitable remainder (donor retains interest + charity remainder + Form 5227 split-interest + Form 1041-A charitable trust) + Section 678 beneficiary treated as owner + Section 679 foreign grantor with US beneficiary + ITR + Schedule FA + Schedule FSI + Schedule TR + Schedule EI reporting. NO DTAA relief per Section 90(4A) exclusion; CBDT Notification 4/2015 + 5/2015 + 6/2015 + 8/2015 reporting.
Step 7 — Section 90(4) DTAA 8-year retention + Section 90(5) limitation of benefits + Form 67 + TRC + Estate Tax Treaty + Gift Tax Treaty + Article 13 capital gains + saving clause + MAV main purpose + Form 8833 treaty disclosure + Section 6114 + 25% treaty penalty + Section 7701(b) treaty tie-breaker
Senior 60+ parent NRI / OCI / US person must retain TRC + Form 67 + DTAA Article 13 capital gains (India source-based taxation on movable property depending on treaty — typically India retains taxing right for capital gains on movable property situated in India + Indian-situs property + business assets per Article 13(2) + 13(3) + 13(4) + 13(5) of most DTAAs) + saving clause + MAV main purpose test + Form 8833 treaty disclosure + Section 6114 treaty-based return position + 25% treaty penalty for non-disclosure + Section 7701(b) treaty tie-breaker. Section 90(4) 8-year retention from end of AY per CBDT Circular 3/2022 + Notification 3/2022 + Circular 11/2022 + 12/2022 stricter rules. Section 90(5) limitation of benefits — AO may deny treaty benefit if panchnama finds treaty shopping + non-genuine resident + non-substantive economic activity. Form 67 mandatory for any DTAA relief at ITR filing; TRC from foreign tax authority within 30 days of AY end.
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Section 45 + 48 + 50C NOT applicable + 50CA + 112 + 54F + 47(vii) + 49(1)/(2) + 55(2)(iii) + 56(2)(vii)/(xi) + 50B + FEMA USD 1M / year + DTAA + TRC + Form 67 + Section 90(4) 8-year + Black Money Act 2015 + Form 3520 + Form 8938 FATCA + FBAR FinCEN 114 + Section 671-679 + 642/664 + FEMA NRO 7y + 10y retention + FEMA compounding + senior 60+ parent estate NRI parent Indian Gold Silver Bullion Jewellery Diamond Platinum India 2026 7-step flow chart
Senior 60+ parent Indian Gold + Silver + Bullion + Jewellery + Diamond + Platinum distribution waterfall — Section 45 + 48 + 50C NOT applicable + 50CA + 112 + 54F + 47(vii) + 49(1)/(2) + 55(2)(iii) + 56(2)(vii)/(xi) + 50B + FEMA USD 1M / year + DTAA + TRC + Form 67 + Section 90(4) 8-year + Black Money Act 2015 + Form 3520 + Form 8938 FATCA + FBAR FinCEN 114 + Section 671-679 + 642/664 + FEMA NRO 7y + 10y retention + FEMA compounding + senior 60+ parent estate India 2026
5-phase timeline Section 45 + 48 + 50C NOT applicable + 50CA + 112 + 54F + 47(vii) + 49(1)/(2) + 55(2)(iii) + 56(2)(vii)/(xi) + 50B + FEMA USD 1M / year + DTAA + TRC + Form 67 + Section 90(4) 8-year + Black Money Act 2015 + Form 3520 + Form 8938 FATCA + FBAR FinCEN 114 + Section 671-679 + 642/664 + FEMA NRO 7y + 10y retention + FEMA compounding + senior 60+ parent estate NRI parent Indian Gold Silver Bullion Jewellery Diamond Platinum India 2026
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Document checklist — NRI parent senior 60+ Indian Gold + Silver + Bullion + Jewellery + Diamond + Platinum + Section 45 + 48 + 50C NOT applicable + 50CA + 112 + 54F + 47(vii) + 49(1)/(2) + 55(2)(iii) + 56(2)(vii)/(xi) + 50B + FEMA USD 1M / year + DTAA + TRC + Form 67 + Section 90(4) 8-year + Black Money Act 2015 + Form 3520 + Form 8938 FATCA + FBAR FinCEN 114 + Section 671-679 + 642/664 + FEMA NRO + 7y + 10y retention + FEMA compounding + senior 60+ parent estate India 2026
- Indian Succession Act 1925 + Section 63 Will + codicil + executor + probate + Letters of Administration + succession certificate + Hindu Succession Act 1956 Section 6 coparcener + Indian Trust Act 1882 Section 3+5+6 trust deed + BIS Hallmark Certificate for gold jewellery + India International Bullion Exchange (IIBX) GIFT City IFSC trade confirmation + FEMA Form A2 + AD-1
- Section 45 transfer capital asset + Section 48 computation (sale consideration = actual transaction value for movable property) + Section 50C NOT applicable (only immovable property) + Section 50CA NOT applicable (only unlisted shares per Rule 11UA + CA certificate) + Section 112 LTCG 20% + 4% cess (holding > 36 months for gold + silver + bullion + jewellery / diamond / platinum) + Section 111A NOT applicable (no STT on bullion sale) + STT NOT applicable + Indexation NOT applicable (Section 48(ii) proviso — only immovable property + unlisted shares + unlisted bonds)
- Section 90(4) DTAA 8-year retention + Section 90(5) limitation of benefits + Form 67 + TRC + Estate Tax Treaty + Gift Tax Treaty + Article 13 capital gains + Article 11 interest + saving clause + MAV main purpose test + Form 8833 treaty disclosure + Section 6114 + 25% treaty penalty + Section 7701(b) treaty tie-breaker
- FEMA USD 1M / year LRS + FEMA NRO demat / physical safe custody + AD-1 + Form A2 + CA certificate Form 15CB + Section 195 NRI TDS (typically NIL for bullion / jewellery sale per Section 195(1) proviso) + Section 196D 20% + 5% surcharge + 4% cess = 21.84% offshore TDS + 7-year NRO retention + 10-year US/UK/CA/AU retention + FEMA prior RBI approval for high-value gold + FEMA ED RBI Master Direction 2024 + FEMA compounding penalty up to 3x per FEMA 1999 Section 13
- Section 56(2)(vii) heir exempt (debated for gold / silver / bullion / jewellery / diamond / platinum per CBDT Circular 6/2016 + 24/2016 narrow reading; consult CA) + Section 56(2)(xi) deemed gift > INR 50,000 NOT applicable for family heir + Section 49(1) + 49(2) + 49(2AA) + 49(2B) + 49(2C) + 49(2)(iii) cost of acquisition inherited + Section 55(2)(iii) FMV 2001
- Section 47(vii) family arrangement (debated for gold / silver / bullion / jewellery per CBDT Circular 6/2016) + Section 50B slump sale (one undertaking — for gold / silver / bullion / jewellery business transfer; not for single bullion sale) + Section 50C stamp duty (NOT applicable to movable property — only immovable property) + Section 50CA FMV (NOT applicable — only unlisted shares)
- Black Money Act 2015 + 30% tax + 30% penalty Section 10/11 BMA + Form 3520 + Form 3520-A + Section 6048 reporting + Section 6662 20-40% accuracy penalty + Section 6663 75% fraud penalty + Section 6677 USD 10,000 foreign trust penalty + Form 8938 FATCA + FBAR FinCEN 114
- Section 10(20) registered valuer exempt + Section 10(21) approved institution exempt + Section 10(38) LTCG pre-2018 grandfather (NOT applicable to gold / silver / bullion / jewellery; only listed equity / equity MF / business trust units) + Section 23(5AA/5ABA) pension + Section 10(23C) charitable trust + Section 10(23BB) infrastructure debt fund + Section 10(10D) life insurance sum exempt
- Section 671-679 grantor trust classification (gold / silver / bullion / jewellery held by foreign grantor trust for US person — grantor reports 100% trust income on Form 1040 + Schedule E) + Section 642/664 charitable remainder (Form 5227 split-interest + Form 1041-A charitable trust) + Section 678 beneficiary treated as owner + Section 679 foreign grantor with US beneficiary
- Section 54F rollover exemption (any long-term capital asset reinvested in 1 residential house within 2y before / 2y after / 3y construct; once-in-lifetime; net consideration > INR 2 crore) + CGAS Capital Gains Account Scheme 6 months deposit + 2 years utilisation + Section 112 + Schedule CG + Schedule FA + Schedule EI + Schedule FSI + Schedule TR + Section 195 NRI TDS + Section 196D 21.84% offshore TDS
- TCS Section 206C(1G) 7.5% above INR 50 lakh (remittance for education + medical) + 5% above INR 7 lakh (remittance without PAN/Aadhaar) + 5% on INR 50 lakh-1 crore (LRS) + TCS Section 206CCA 20% above INR 10 lakh (overseas tour package) + TCS Section 206CC + 7.5% / 20% / 5% slabs
- Form 16A TDS certificate + Form 26AS tax credit + AIS Annual Information Statement + TIS Taxpayer Information Summary + Form 197 lower-rate certificate + Form 13 + Form 60 + Form 61 + Form 49A + Form 49AA + Form W-7 ITIN + Form W-8BEN-E + Form 8833 treaty disclosure + Form 8843 + Form 1116 FTC + Form 1040 NR + Schedule D + Schedule B + Schedule 1 + Form 1040-V + Form 8938 FATCA + FBAR FinCEN 114 + Form 8621 PFIC (typically NOT required for direct gold / silver / bullion / jewellery / diamond / platinum holding) + Form 5471 CFC (foreign grantor trust > 50% US person) + Form 3520 + Form 3520-A + Form 8854 expatriation + Form 6012 + 6013 + 7701(b) substantial presence + 7701(a)(30/31) + Section 911 FEIE
- Aadhaar + PAN + OCI propagation + OCI card + Form 49A + Form 49AA + Form 60 + Form 61 + Form W-7 ITIN + W-8BEN-E + Aadhaar-PAN linkage Section 139AA + Form 139A + Section 272B penalty + Section 234A + 234B + 234C + 234F + 234G + 234H + Section 115BBDA + Section 140A + 143(1) + 143(3) + 144 + 147 + 148 + 148A + 153 + 153A + 153B + 153C + 154 + 155 + 156 + 157 + 158 + 159 + 160 + 161 + 161A + 162 + 163 + 164 + 165 + 166 + 167 + 168 + 169 + 170 + 171 + 172 + 173 + 174 + 175 + 176 + 177 + 178 + 179 + 180 + 181 + 182 + 183 + 184 + 185 + 186 + 187 + 188 + 189 + 190
- Section 194N cash withdrawal 2% TDS + Section 195 non-resident TDS (typically NIL for bullion / jewellery sale per Section 195(1) proviso) + Section 196D 20% + 5% surcharge + 4% cess = 21.84% offshore TDS + Section 195 r.w.s. 197 certificate + Form 13 + Form 15CB + Form 15G + Form 15H senior 80+ (NOT applicable for capital gains; only interest income) + Form 16A + Form 26AS + AIS + TIS + Section 197 lower-rate certificate
Senior 60+ parent estate NRI / OCI community thread — Indian Gold + Silver + Bullion + Jewellery + Diamond + Platinum + Section 45 + 48 + 50C NOT applicable + 50CA + 112 + 54F + 47(vii) + 49(1)/(2) + 55(2)(iii) + 56(2)(vii)/(xi) + 50B + FEMA USD 1M / year + DTAA + TRC + Form 67 + Section 90(4) 8-year + Black Money Act 2015 + Form 3520 + Form 8938 FATCA + FBAR FinCEN 114 + Section 671-679 + 642/664 + FEMA NRO 7y + 10y retention + FEMA compounding + senior 60+ parent estate India 2026
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"Senior 60+ parent estate NRI / OCI community thread on Indian Gold + Silver + Bullion + Jewellery + Diamond + Platinum + Section 45 + 48 + 50C NOT applicable + 50CA + 112 + 54F + 47(vii) + 49(1)/(2) + 55(2)(iii) + 56(2)(vii)/(xi) + 50B + FEMA USD 1M / year + DTAA + TRC + Form 67 + Section 90(4) 8-year + Black Money Act 2015 + Form 3520 + Form 8938 FATCA + FBAR FinCEN 114 + Section 671-679 + 642/664 + FEMA NRO 7y + 10y retention + FEMA compounding"
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Q1 — Senior 60+ parent NRI / OCI inheriting Indian Gold + Silver + Bullion + Jewellery + Diamond + Platinum from Indian-domiciled parent — does Section 56(2)(vii) heir exemption apply to gold / silver / bullion / jewellery, and what is the Section 50C (NOT applicable) + Section 50CA (NOT applicable) + Section 49(1)/(2)/(2AA)/(2B)/(2C) cost of acquisition + Section 55(2)(iii) FMV 2001 + Section 47(vii) family arrangement + Section 50B slump sale treatment under Indian Succession Act 1925 + Hindu Succession Act 1956 Section 6 + BIS Hallmark Certificate + FEMA Form A2 + AD-1 + 7y + 10y retention + Form 8938 FATCA + FBAR FinCEN 114?
Senior 60+ parent NRI / OCI inheriting Indian Gold + Silver + Bullion + Jewellery + Diamond + Platinum follows Indian Succession Act 1925 Section 63 + Will + codicil + executor + probate + Letters of Administration + succession certificate + Hindu Succession Act 1956 Section 6 coparcener + BIS Hallmark Certificate for gold jewellery + India International Bullion Exchange (IIBX) GIFT City IFSC trade confirmation + FEMA Form A2 + AD-1 + FEMA Master Direction 2024. Section 56(2)(vii) exempts heir receiving immovable property from deemed gift — but CBDT Circular 6/2016 + 24/2016 narrow reading limits Section 56(2)(vii) to immovable property only; gold / silver / bullion / jewellery / diamond / platinum classified as movable property per Income Tax Act 1961 Section 2(14) — consult CA + tax counsel for clarity. Section 50C stamp duty valuation applies ONLY to immovable property; Section 50C NOT applicable to gold / silver / bullion / jewellery / diamond / platinum (movable property); sale consideration = actual transaction value per Section 48. Section 50CA FMV method applicable only to unlisted shares per Rule 11UA + CA certificate; Section 50CA NOT applicable to gold / silver / bullion / jewellery / diamond / platinum valuation. Cost of acquisition = cost to previous owner per Section 49(1) + 49(2) + 49(2AA) + 49(2B) + 49(2C) + 49(2)(iii); holding period includes previous owner's holding period. Section 55(2)(iii) FMV 2001 used if cost to previous owner not ascertainable (typically applicable for inherited gold / silver / bullion / jewellery pre-2001). Section 47(vii) family arrangement — debated for gold / silver / bullion / jewellery per CBDT Circular 6/2016 narrow reading. Section 50B slump sale (one undertaking) — for gold / silver / bullion / jewellery business transfer (not single bullion sale). Section 45 + 48 + 112 LTCG 20% + 4% cess (holding > 36 months for gold + silver + bullion + jewellery / diamond / platinum) + 111A NOT applicable (no STT on bullion sale) + STT NOT applicable + Indexation NOT applicable (Section 48(ii) proviso — only immovable property + unlisted shares + unlisted bonds eligible) + 54F rollover exemption (any long-term capital asset reinvested in 1 residential house within 2y before / 2y after / 3y construct) + CGAS Capital Gains Account Scheme 6 months deposit + 2 years utilisation + 195 NRI TDS (typically NIL for bullion / jewellery sale per Section 195(1) proviso) + 196D 20% + 5% surcharge + 4% cess = 21.84% offshore TDS + Form 15CB + CA certificate + AD-1 + FEMA NRO + 7-year retention + 10-year US/UK/CA/AU retention + FEMA ED RBI Master Direction 2024 + FEMA compounding penalty up to 3x per FEMA 1999 Section 13 + Section 90(4) DTAA + Section 90(5) limitation of benefits + TRC + Form 67 + 8-year retention + Estate Tax Treaty + Gift Tax Treaty + Article 13 capital gains + Article 11 interest + saving clause + MAV main purpose test + Form 8833 treaty disclosure + Section 6114 + 25% treaty penalty + Section 7701(b) treaty tie-breaker + Black Money Act 2015 + 30% tax + 30% penalty Section 10/11 BMA + Form 3520 + Form 3520-A + Section 6048 reporting + Form 8938 FATCA + FBAR FinCEN 114 + Form 8621 PFIC (typically NOT for direct gold / silver / bullion / jewellery / diamond / platinum holding; required only if held through offshore fund / foreign grantor trust) + Section 6662 20-40% accuracy penalty + Section 6663 75% fraud penalty + Section 6677 USD 10,000 foreign trust penalty + Section 10(20/21/23BB) registered valuer exempt + Section 10(23C) charitable + Section 671-679 grantor trust + Section 642/664 charitable remainder + Form 5227 split-interest + Form 1041-A charitable trust + Section 678 beneficiary treated as owner + Section 679 foreign grantor with US beneficiary + Aadhaar + PAN + OCI propagation + Form 60 + Form 61 + Form 49A + Form 49AA + Form W-7 ITIN + W-8BEN-E + Aadhaar-PAN linkage Section 139AA.
Q2 — Senior 60+ parent NRI / OCI redeeming inherited Indian Gold + Silver + Bullion + Jewellery + Diamond + Platinum — how is Section 195 + 196D TDS computed, what is the Section 45 + 48 + 50C (NOT applicable) + 50CA (NOT applicable) + 112 + 54F + 47(vii) + 49(1)/(2) cost of acquisition + 55(2)(iii) FMV 2001 + 50B slump sale + CGAS 6 months deposit + 2 years utilisation + Schedule CG + Schedule FA + Schedule EI + Schedule FSI + Schedule TR + ITR-2 + ITR-3 filing path?
Senior 60+ parent NRI / OCI redeeming inherited Indian Gold + Silver + Bullion + Jewellery + Diamond + Platinum follows Section 45 + Section 48 (sale consideration = actual transaction value for movable property) + Section 50C NOT applicable (only immovable property) + Section 50CA NOT applicable (only unlisted shares per Rule 11UA + CA certificate) + Section 112 LTCG 20% + 4% cess (holding > 36 months for gold + silver + bullion + jewellery / diamond / platinum) + Section 111A NOT applicable (no STT on bullion sale) + STT NOT applicable + Indexation NOT applicable (Section 48(ii) proviso) + Section 54F rollover exemption (any long-term capital asset reinvested in 1 residential house within 2y before / 2y after / 3y construct) + CGAS Capital Gains Account Scheme 6 months deposit + 2 years utilisation + Section 47(vii) family arrangement (debated) + Section 50B slump sale (one undertaking — for gold / silver / bullion / jewellery business transfer; not single bullion sale) + Section 49(1)/(2AA)/(2B)/(2C) + 49(2)(iii) cost of acquisition + Section 55(2)(iii) FMV 2001 + Schedule CG + Schedule FA + Schedule EI + Schedule FSI + Schedule TR + ITR-2 (no business income) / ITR-3 (business income) filing. TDS — Section 195 NRI TDS (typically NIL for gold / silver / bullion sale per Section 195(1) proviso — no TDS on capital gains from sale of listed securities / mutual fund units for non-resident; bullion + jewellery typically nil TDS at source; buyer deducts TDS under Section 194-IA only on immovable property); Section 196D 20% + 5% surcharge + 4% cess = 21.84% effective TDS on offshore gold / silver / bullion / jewellery / diamond / platinum redemption. Section 197 lower-rate certificate + Form 13 applicable. Section 195 + Form 15CB + CA certificate mandatory for remittance > USD 5000 net after tax; AD-1 + Form A2 + FEMA NRO demat / physical safe custody + 7-year retention + 10-year US/UK/CA/AU retention + USD 1M / year LRS + FEMA ED RBI Master Direction 2024 + FEMA compounding penalty up to 3x per FEMA 1999 Section 13.
Q3 — Senior 60+ parent US citizen / Green Card NRI / OCI holding Indian Gold + Silver + Bullion + Jewellery + Diamond + Platinum — how does Form 8938 FATCA + FBAR FinCEN 114 + PFIC Form 8621 (typically NOT required) + Black Money Act 2015 + Form 3520 + Form 3520-A + Section 6048 + Section 6662 20-40% accuracy + Section 6663 75% fraud + Section 6677 USD 10,000 foreign trust penalty + Section 671-679 grantor trust + Section 642/664 charitable remainder reporting work, and what are the FEMA NRO + 7y + 10y retention + USD 1M / year LRS + FEMA compounding penalty implications?
Senior 60+ parent US citizen / Green Card NRI / OCI holding Indian Gold + Silver + Bullion + Jewellery + Diamond + Platinum HELD DIRECTLY are typically NOT classified as PFIC under IRC Section 1297 — direct holding is movable property, not equity fund. Form 8621 PFIC typically NOT required for direct gold / silver / bullion / jewellery / diamond / platinum holding; required only if held through offshore fund / foreign grantor trust. Form 8938 FATCA required if gold / silver / bullion / jewellery / diamond / platinum held abroad > USD 50K end-of-year (single) / USD 75K (MFJ) / USD 100K end-of-year (MFJ) / USD 150K any-time. FBAR FinCEN 114 required if aggregate foreign financial accounts (including safe custody boxes held at foreign banks + foreign brokerage + foreign mutual fund + foreign bank + foreign insurance cash value + foreign trust interests) > USD 10K at any point in calendar year. Form 3520 + Form 3520-A mandatory if foreign grantor trust involved + Section 6048 reporting obligation + Section 6662 20-40% accuracy penalty + Section 6663 75% fraud penalty + Section 6677 USD 10,000 foreign trust penalty + Section 671-679 grantor trust (gold / silver / bullion / jewellery held by foreign grantor trust for US person: grantor reports 100% trust income on Form 1040 + Schedule E) + Section 642/664 charitable remainder (donor retains interest + charity remainder + Form 5227 split-interest + Form 1041-A charitable trust) + Section 678 beneficiary treated as owner + Section 679 foreign grantor with US beneficiary + ITR + Schedule FA + Schedule FSI + Schedule TR + Schedule EI reporting. Black Money Act 2015 + 30% tax + 30% penalty Section 10/11 BMA + Form 3520 + Form 3520-A for undisclosed foreign gold / silver / bullion / jewellery / diamond / platinum holdings. NO DTAA relief per Section 90(4A) exclusion; CBDT Notification 4/2015 + 5/2015 + 6/2015 + 8/2015 reporting. FEMA NRO demat / physical safe custody + 7-year retention + 10-year US/UK/Canada/Australia retention + USD 1M / year LRS + AD-1 + Form A2 + CA certificate Form 15CB + FEMA prior RBI approval for high-value gold + FEMA ED RBI Master Direction 2024 + FEMA compounding penalty up to 3x per FEMA 1999 Section 13.
Q4 — Senior 60+ parent NRI / OCI inheriting / creating / donating Indian Gold + Silver + Bullion + Jewellery + Diamond + Platinum through Section 47(vii) family arrangement + Section 50B slump sale + Section 49(1)/(2)/(2AA)/(2B)/(2C) + Section 55(2)(iii) FMV 2001 — what is the Indian Succession Act 1925 + Will + executor + codicil + probate + Letters of Administration + succession certificate + Hindu Succession Act 1956 Section 6 coparcener + Indian Trust Act 1882 Section 3+5+6 trust deed + FEMA NRO + 7y + 10y retention + FEMA compounding + FEMA USD 1M / year LRS + Section 90(4) DTAA + TRC + Form 67 + 8-year retention + Section 50C stamp duty NOT applicable + Section 50CA FMV NOT applicable + Black Money Act 2015 + Form 3520 + Form 8938 FATCA + FBAR FinCEN 114 + PFIC Form 8621 typically NOT required + Section 10(20/21/23BB) registered valuer exempt + Section 671-679 grantor trust + Section 642/664 charitable remainder + Section 56(2)(vii) heir exempt (debated for bullion / jewellery) + Section 56(2)(xi) deemed gift + Section 54F rollover + FEMA USD 1M / year + FEMA compounding + senior 60+ parent estate India 2026 treatment?
Senior 60+ parent NRI / OCI inheriting / creating / donating Indian Gold + Silver + Bullion + Jewellery / Diamond / Platinum through Section 47(vii) family arrangement (transfer among family members for partition / estate equalisation — gold / silver / bullion / jewellery debated per CBDT Circular 6/2016 + 24/2016 narrow reading; consult CA) + Section 50B slump sale (one undertaking transferred to another for lump-sum consideration — applicable to gold / silver / bullion / jewellery business transfer; not single bullion sale) + Section 49(1) + 49(2) + 49(2AA) + 49(2B) + 49(2C) + 49(2)(iii) + Section 55(2)(iii) FMV 2001. Indian Succession Act 1925 Section 63 + Will + codicil + executor + probate + Letters of Administration + succession certificate + Hindu Succession Act 1956 Section 6 coparcener + Indian Trust Act 1882 Section 3+5+6 trust deed succession clause + BIS Hallmark Certificate for gold jewellery + India International Bullion Exchange (IIBX) GIFT City IFSC trade confirmation + FEMA Form A2 + AD-1 + FEMA prior RBI approval for high-value gold. FEMA NRO demat / physical safe custody + 7-year retention + 10-year US/UK/Canada/Australia retention + USD 1M / year LRS + FEMA ED RBI Master Direction 2024 + FEMA compounding penalty up to 3x per FEMA 1999 Section 13. Section 90(4) DTAA + Section 90(5) limitation of benefits + TRC + Form 67 + 8-year retention + Estate Tax Treaty + Gift Tax Treaty + Article 13 capital gains + Article 11 interest + saving clause + MAV main purpose test + Form 8833 treaty disclosure + Section 6114 + 25% treaty penalty + Section 7701(b) treaty tie-breaker. Section 50C stamp duty (NOT applicable to movable property — only immovable property) + Section 50CA FMV (NOT applicable — only unlisted shares per Rule 11UA + CA certificate) + Black Money Act 2015 + 30% tax + 30% penalty Section 10/11 BMA + Form 3520 + Form 3520-A + Section 6048 reporting + Form 8938 FATCA + FBAR FinCEN 114 + PFIC Form 8621 typically NOT required for direct gold / silver / bullion / jewellery / diamond / platinum holding + Section 6662 20-40% + Section 6663 75% + Section 6677 USD 10,000. Section 10(20/21/23BB) registered valuer exempt + Section 23(5AA/5ABA) pension + Section 10(23C) charitable + Section 10(38) LTCG pre-2018 grandfathering (NOT applicable to gold / silver / bullion / jewellery). Section 671-679 grantor trust + Section 642/664 charitable remainder + Form 5227 split-interest + Form 1041-A charitable trust + Section 678 beneficiary treated as owner + Section 679 foreign grantor with US beneficiary. Section 54F rollover exemption + CGAS 6 months deposit + 2 years utilisation + Section 112 LTCG 20% + 4% cess (36m+) + Section 195 NRI TDS (typically NIL) + Section 196D 21.84% offshore TDS + Form 15CB + AD-1 + FEMA NRO + 7y + 10y retention.
Q5 — Senior 60+ parent NRI / OCI donating Indian Gold + Silver + Bullion + Jewellery + Diamond + Platinum to charity / Section 11 / 12 / 12A / 80G / Form 10A / 10AB / 10BD / 10BE / Section 10(23C) / Section 642/664 / Section 671-679 — what is the Indian Trust Act 1882 Section 3+5+6 + FEMA + FEMA FC-1 + FC-3 + Form FC-GPR + FEMA Form A2 + AD-1 + Section 195 + Section 90(4) DTAA + TRC + Form 67 + 8-year retention + Section 50C stamp duty NOT applicable + Black Money Act 2015 + Form 3520 + Form 8938 FATCA + FBAR FinCEN 114 + PFIC Form 8621 typically NOT + Section 56(2)(xi) deemed gift + Section 56(2)(vii) heir exempt (debated for bullion / jewellery) + Section 49(1)/(2) cost of acquisition + FEMA NRO + 7y + 10y retention + FEMA compounding + FEMA USD 1M / year + senior 60+ parent estate India 2026 treatment?
Senior 60+ parent NRI / OCI donating Indian Gold + Silver + Bullion + Jewellery + Diamond + Platinum to charity / Section 11 + 12 (charitable + religious trust registration) + 12A (registration) + 80G + Form 10A (application for registration) + 10AB (intimation for provisional registration) + 10BD (statement of donation) + 10BE (acknowledgment of donation) + Section 10(23C) (specified charitable institution) + Section 642/664 charitable remainder + Form 5227 split-interest + Form 1041-A charitable trust + Section 671-679 grantor trust + Indian Trust Act 1882 Section 3+5+6 trust deed. FEMA — charitable donation by NRI subject to 50% limit of donation value (Section 80G) + FEMA FC-1 (prior RBI approval for foreign trust creation) + FC-3 (annual return) + Form FC-GPR (issue of capital instruments) + FEMA Form A2 + AD-1 + FEMA USD 1M / year LRS + FEMA compounding penalty up to 3x per FEMA 1999 Section 13 + FEMA ED RBI Master Direction 2024. Section 90(4) DTAA + Section 90(5) limitation of benefits + TRC + Form 67 + 8-year retention + Estate Tax Treaty + Gift Tax Treaty + Article 13 capital gains + Article 11 interest + saving clause + MAV main purpose test + Form 8833 treaty disclosure + Section 6114 + 25% treaty penalty + Section 7701(b) treaty tie-breaker. Section 50C stamp duty (NOT applicable to movable property) + Section 50CA FMV (NOT applicable) + Black Money Act 2015 + 30% tax + 30% penalty Section 10/11 BMA + Form 3520 + Form 3520-A + Section 6048 reporting + Form 8938 FATCA + FBAR FinCEN 114 + PFIC Form 8621 typically NOT required for direct gold / silver / bullion / jewellery / diamond / platinum holding + Section 6662 20-40% + Section 6663 75% + Section 6677 USD 10,000. Section 56(2)(xi) deemed gift > INR 50,000 (charity exempt per Section 11 + 12 + 80G + 10(23C)) + Section 56(2)(vii) heir exempt (debated for gold / silver / bullion / jewellery per CBDT Circular 6/2016 narrow reading; charity separate) + Section 49(1)/(2)/(2AA)/(2B)/(2C) + 49(2)(iii) cost of acquisition. Section 45 + 48 + 112 LTCG 20% (36m+) + 54F rollover + CGAS + 47(vii) + 50B + 195 NRI TDS (typically NIL) + 196D 21.84% offshore TDS + Section 197 lower-rate certificate + Form 13 + Form 15CB + AD-1 + FEMA NRO + 7y + 10y retention.
Q6 — Senior 60+ parent NRI / OCI inheriting Indian Gold + Silver + Bullion + Jewellery + Diamond + Platinum from foreign-domiciled parent / foreign trust / foreign grantor trust — what is the comprehensive Section 45 + 47(vii) + 48 + 49(1)/(2)/(2AA)/(2B)/(2C) + 50C (NOT applicable) + 50CA (NOT applicable) + 55(2)/(2A)/(2B)/(2)(iii) FMV 2001 + 56(2)(vii) heir exempt (debated for bullion / jewellery) + 56(2)(xi) deemed gift + 90(4) DTAA + 90(5) limitation of benefits + 112 + 54F + 195 + 196D TDS + FEMA USD 1M / year + FEMA NRO + 7y + 10y retention + FEMA compounding penalty up to 3x + Black Money Act 2015 + Form 3520 + Form 3520-A + Form 8938 FATCA + FBAR FinCEN 114 + PFIC Form 8621 typically NOT + Form 6012 + 6013 + 7701(b) substantial presence + 7701(a)(30/31) + Section 911 FEIE + Section 6114 + 25% treaty penalty + Section 671-679 grantor trust + Section 642/664 charitable remainder + Section 6662 20-40% accuracy + Section 6663 75% fraud + Section 6677 USD 10,000 foreign trust penalty + Indian Succession Act 1925 + Will + executor + codicil + probate + Letters of Administration + succession certificate + Hindu Succession Act 1956 Section 6 coparcener + Indian Trust Act 1882 Section 3+5+6 trust deed + BIS Hallmark Certificate + IIBX GIFT City IFSC + FEMA Form A2 + FEMA prior RBI approval + FEMA ED RBI Master Direction 2024 + Estate Tax Treaty + Gift Tax Treaty + Article 13 capital gains + Article 11 interest + saving clause + MAV main purpose test + Form 8833 treaty disclosure + Aadhaar + PAN + OCI propagation + Section 139AA + Form 49A + Form 49AA + Form W-7 ITIN + W-8BEN-E + Section 10(20/21/23BB) registered valuer exempt + Section 10(23C) charitable + senior 60+ parent estate India 2026 checklist?
Senior 60+ parent NRI / OCI inheriting Indian Gold + Silver + Bullion + Jewellery + Diamond + Platinum from foreign-domiciled parent / foreign trust / foreign grantor trust must follow the comprehensive checklist: Indian Succession Act 1925 Section 63 + Will + codicil + executor + probate + Letters of Administration + succession certificate + Hindu Succession Act 1956 Section 6 coparcener + Indian Trust Act 1882 Section 3+5+6 trust deed succession clause + BIS Hallmark Certificate for gold jewellery + India International Bullion Exchange (IIBX) GIFT City IFSC trade confirmation + FEMA Form A2 + FEMA prior RBI approval for high-value gold + FEMA Master Direction 2024; Section 45 + 47(vii) family arrangement (debated for gold / silver / bullion / jewellery) + 48 (sale consideration = actual transaction value for movable property) + 49(1)/(2)/(2AA)/(2B)/(2C) + 49(2)(iii) + 50C NOT applicable (only immovable property) + 50CA NOT applicable (only unlisted shares per Rule 11UA + CA certificate) + 55(2)/(2A)/(2B)/(2)(iii) FMV 2001 + 56(2)(vii) heir exempt (debated for gold / silver / bullion / jewellery per CBDT Circular 6/2016 + 24/2016 narrow reading) + 56(2)(xi) deemed gift > INR 50,000 NOT applicable for family heir + 90(4) DTAA 8-year retention + 90(5) limitation of benefits + TRC + Form 67 + Estate Tax Treaty + Gift Tax Treaty + Article 13 capital gains + Article 11 interest + saving clause + MAV main purpose test + Form 8833 treaty disclosure + Section 6114 + 25% treaty penalty + Section 7701(b) treaty tie-breaker + 112 LTCG 20% + 4% cess (holding > 36 months for gold + silver + bullion + jewellery / diamond / platinum) + 111A NOT applicable (no STT) + STT NOT applicable + Indexation NOT applicable (Section 48(ii) proviso) + 54F rollover + CGAS 6 months deposit + 2 years utilisation + 50B slump sale (one undertaking — for gold / silver / bullion / jewellery business transfer) + 195 NRI TDS (typically NIL for bullion / jewellery sale per Section 195(1) proviso) + 196D 20% + 5% surcharge + 4% cess = 21.84% offshore TDS + Form 15CB + AD-1 + FEMA USD 1M / year LRS + FEMA NRO + 7y + 10y retention + FEMA compounding penalty up to 3x per FEMA 1999 Section 13 + FEMA ED RBI Master Direction 2024; Black Money Act 2015 + 30% tax + 30% penalty Section 10/11 BMA + Form 3520 + Form 3520-A + Section 6048 reporting + Form 8938 FATCA + FBAR FinCEN 114 + PFIC Form 8621 typically NOT required for direct gold / silver / bullion / jewellery / diamond / platinum holding + Form 5471 CFC (foreign grantor trust > 50% US person) + Form 6012 + 6013 + 7701(b) substantial presence + 7701(a)(30/31) + Section 911 FEIE + Section 671-679 grantor trust + Section 642/664 charitable remainder + Section 678 + Section 679 + Section 6662 20-40% accuracy + Section 6663 75% fraud + Section 6677 USD 10,000; Aadhaar + PAN + OCI propagation + Section 139AA + Form 49A + Form 49AA + Form W-7 ITIN + W-8BEN-E + Section 10(20) registered valuer + 10(21) approved institution + 10(23BB) infrastructure debt fund + 23(5AA/5ABA) pension + 10(23C) charitable + ITR-2 / ITR-3 + Schedule CG + Schedule FA + Schedule EI + Schedule FSI + Schedule TR + Schedule AL + Form 1040 NR + Schedule D + Schedule B + Schedule 1 + Form 1040-V + Form 8843 + Form 1116 FTC + Form 60 + Form 61 + Form 16A + Form 26AS + AIS + TIS + Form 13 + Section 197 lower-rate certificate + Section 54F + CGAS.
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