As per the IT Act in India jewellery is considered as a capital asset. Will gold coins/ biscuits be considered as jewellery or will it be considered as just a personal effect. If not, will such gold become a part of wealth to be taxed under wealth tax ?
maybe…
Check here
http://www.rediff.com/money/2007/mar/09gold.htm
Capital gain tax is around 20 to 30% (Gold ETF, Physical gold)….