Gold Storage Limit: If you have kept more gold than this limit in your house, then this news is to alert you. In fact, today we are going to tell you in this news that how much gold you can keep in your house so that income tax doesn’t fall on you… Let’s know it below in this news.
Most people in India consider it auspicious to buy gold during festivals. From jewelry to coins, many people like to keep gold in their homes. But do you know that there is a limit on how much gold you can keep at home, and there are different tax rules for keeping gold at home?
Let us tell you that the amount of gold or gold ornaments can be kept in the house, for this the government has made some rules which need to be followed. But most of the people do not know that there is a prescribed amount of gold to be kept in the house. So let us tell you.
Experts tell that while buying gold or its jewellery, always keep in mind that its bill has to be taken. That slip should be kept carefully. A circular from the Central Board of Direct Taxes states that there is no limit on keeping gold jewellery, but you may have to disclose its source as well. If there is any tampering or disturbance in the proof, then your gold can be confiscated.
CBDT rules-
CBDT has some rules regarding who can keep how much gold in the country. According to this, you can keep gold above this limit as well, but you should have the answer from where you got this gold. The rules also state that officers cannot seize gold jewelery or ornaments found from a house during a search operation, provided their quantity is less than the prescribed limit, or the source must be genuine.
Who can keep how much gold?
A married woman can keep up to 500 grams of gold with her.
An unmarried woman can keep up to 250 grams of gold with her.
– A man can keep up to 100 grams of gold with him.
Know what are the tax rules-
If you have bought gold from your income which you have disclosed, or you have bought gold from the money earned from farming, then it will not be taxed. Apart from this, if you have bought gold by saving from household expenses or you have inherited gold, then you will not have to pay tax on it. Although the source of gold should also be known.
But you have to pay tax on selling the kept gold. If you sell gold after holding it for three years, long-term capital gains tax at the rate of 20% will have to be paid on the income from this sale. If you sell gold within three years of buying it, then the income from it will be added to your total income, and it will be taxed according to the tax slab you fall in as a taxpayer.
