How much gold you can keep at home? Check out limit, govt rules, taxes and more
By Lokmat English Desk | Published: April 15, 2023 02:38 PM2023-04-15T14:38:41+5:302023-04-15T14:38:41+5:30
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Gold Silver: We use a lot of jewelry. On the other hand, it is considered auspicious to buy gold and silver during festivals in the country. From jewelry to coins, many people like to keep gold at home. But do you know how much gold you keep at home?
As to the amount of gold or gold jewelery that can be kept in the house, the government has made certain rules that must be followed. But most of the people don't know how much gold to keep at home. Let's know what are the rules of income tax department.
It is important to always carry the bill with you while buying gold or jewellery. The bill should be kept carefully. The Central Board of Direct Taxes circular states that there is no limit for keeping gold jewellery, but you also have to disclose its source.
CBDT has some rules about how much gold can be kept in the country by whom. Accordingly you can keep more gold than this limit, but you must have an answer as to where you got this gold from.
The rules also state that the authorities cannot seize gold ornaments or ornaments found in a house during a search operation, if their quantity is less than the prescribed limit or the source must be.
Married women can keep 500 grams of gold with them. Single women can keep 250 grams of gold. A person can carry 100 grams of gold.
If you have purchased gold from your declared income or you have purchased gold from the money you have earned from farming, it will not be taxed.
Besides, if you save for household expenses and buy gold or if you inherit gold, you will not have to pay tax on it. Although the source of the gold should also be known. But you will have to pay tax on the sale of the stored gold.
Gold Silver : If you sell gold after holding it for three years, you will have to pay long term capital gains tax at the rate of 20% on the sale proceeds. If you sell the gold within three years of buying it, the income from it is included in your total income.
