Gold Limit: In India, people have great attachment to gold. In India, women especially like to wear gold. Along with this, people also like to keep gold at home. People make a lot of gold jewelery and other things and keep them.
Nowadays people also make gold coins and gold biscuits and keep them at home. But do you know what. This does not mean that you can keep any amount of gold at home. The government has made rules regarding keeping gold at home. Let us know what those rules are and how much gold can be kept at home.
there is no limit
No limit has been imposed on keeping gold at home by the Government of India or the Income Tax Department. That means one can keep as much gold as one wants at home. But his condition is that he should have proof of where he got this gold from.
Therefore, when you buy gold, you must keep its receipt. Because if your gold exceeds a certain limit, then you may have to show its related documents. Because if you fail to provide proof during this period then your gold can be confiscated.
Know the rules of CBDT
No matter how much gold or jewelery one can possess with valid documents. If he gives their proof. So he will not face any inconvenience. But according to the Central Board of Direct Taxes i.e. CBDT, a limit has also been issued regarding keeping gold at home. Anyone can keep gold in the house up to that limit and there will be no need to show any document for it.
In these, a married woman can keep up to 500 grams of gold with her. Whereas an unmarried woman can keep up to 250 grams of gold. Along with this, men can keep only 100 grams of gold without valid documents. If you want to keep more gold than this limit. So then it will be necessary for him to tell his source. Otherwise that gold can be confiscated.