As silver prices soar to dizzying heights this festive season, reports suggest that many households are finding the white metal increasingly out of reach. Yet, amid this price surge, one of Ahmedabad’s oldest residential societies has drawn attention by gifting each of its 21 members 100 grams of silver for Diwali, a gesture that has become the talk of the town.
According to reports, silver prices in Ahmedabad settled at around Rs 1.75 lakh per kg on Monday, just a day ahead of Pushya Nakshatra. Despite such steep rates, the society went ahead with its annual celebration, distributing silver to all its members on October 12. The gesture was funded through the society’s accumulated income, as it reportedly does not charge maintenance fees from residents.
Established nearly 96 years ago, the Krishna Co-operative Housing Society Limited is known for its long-standing tradition of sharing prosperity during festive occasions. Historical records indicate that in 1994, the same society had presented 400 grams of gold to each member, marking a memorable celebration of community togetherness.
This spirit of generosity appears to run through several of the city’s older residential clusters. Another century-old establishment, Shantiniketan Co-operative Housing Society Ltd, is reported to have distributed silver to its 20 members for three consecutive years, from 2020 to 2022. The initiative was seen as a shift from conventional gifts to something more enduring, aimed at creating long-term value for members.
A housing society in Nehrunagar, too, had previously gifted silver to its members on multiple occasions. However, reports indicate that the practice was discontinued in recent years due to declining income levels.
Experts have highlighted the financial and tax implications of such gifts. Under the Income Tax Act, gifts include any money or property received without consideration. Gifts worth up to Rs 50,000 in a financial year are exempt from tax, but anything above that, when received from non-relatives, becomes taxable based on the recipient’s income slab. Gifts from close relatives, however, remain fully exempt.
It has also emerged that older co-operative housing societies often enjoy steady income from sources such as hall rentals, open plots, and shops. These income streams allow them to maintain surplus funds and sustain such gestures of goodwill, a financial flexibility that newer service-based societies increasingly struggle to achieve.
In a year when precious metals have reached record highs, these societies seem determined to keep alive an age-old tradition of celebrating togetherness through gifts that carry both sentimental and enduring value.
Also Read: Gold Glitters, Stocks Stumble As Investors Play It Safe This Festive Season https://www.vibesofindia.com/gold-glitters-stocks-stumble-as-investors-play-it-safe-this-festive-season/
