Income Tax: Limit for keeping gold at home, know the important rules of Income Tax..
Gold is evergreen, so everyone wants to keep it with them. In the form of jewellery, coins or biscuits. Now the trend of digital gold and gold bonds is also increasing. In India, people like to keep gold in their homes. But do you know how much gold you can keep at home, because the government has set a limit on this too and there are different tax rules regarding keeping gold at home.
The government has made some rules regarding the amount of gold or gold jewelery that can be kept in the house (Gold limit in India as per income tax rules) which is important for everyone to follow. But most people do not know that there is a prescribed quantity of gold to be kept at home. So let us tell you.
Experts say that while buying gold or its jewellery, always keep in mind that its bill has to be taken and that bill should always be kept safe. A circular of the Central Board of Direct Taxes says that there is no limit on keeping gold jewellery, but you will have to declare its source also. Because if there is any tampering or discrepancy in the proof, your gold can be confiscated.
CBDT rules regarding gold
CBDT has some rules regarding who can keep how much gold in the country. According to this, you can keep gold above this limit also, but you should have the answer as to where you have got this gold from. The rules also say that officers cannot confiscate gold ornaments or jewelery found in the house during a search operation, provided their quantity is less than the prescribed limit, or the source is correct.
Who can keep how much gold?
A married woman can keep up to 500 grams of gold with herself.
An unmarried woman can keep up to 250 grams of gold with herself.
A man can keep up to 100 grams of gold with him.
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