Gold-Silver / Know how much gold you can keep at home, what does the law say?

Vikrant Shekhawat : May 30, 2024, 08:02 AM
Gold-Silver: The way gold has given tremendous returns in the last few years, it is becoming the first choice of investment among people. In India, gold has been the easiest option for investment since ancient times. But can you keep as much gold as you want in your house or is there any limit related to it and any law related to it? Most people in India like to keep gold at home, while many people also keep their gold jewellery safe in bank lockers. In such a situation, the government has also made some rules regarding the limit of keeping gold. It is better to know about them.

What is the limit of keeping gold?

First of all, let us tell you that there is no limit for keeping gold by any person in the country. Any person can keep as much gold as he wants in his house. Provided that he is able to tell where he got the money to buy that gold.

Under the Income Tax Act, if the Income Tax Officer asks you for the details of your income, or the money received for your gold or other assets, then you are given complete information about them.

Is income tax levied on buying gold?

3 percent GST is already levied on the purchase of gold in the country, but according to the Central Board of Direct Taxes (CBDT), which makes policies for the Income Tax Department, you can buy as much gold as you want from your declared income. You do not need to pay any separate tax on this. You have to pay income tax according to your tax slab.

Yes, if you have inherited gold from your ancestors, or it is equal to your proper savings, then also it can be exempted from tax. You do not have to pay any tax on the gold deposited in this way.

You can keep this much gold at home without proof

According to the rules of CBDT, a married woman can keep about 500 grams of gold at her home without any proof. Whereas for an unmarried woman, this limit is 250 grams. Whereas men can keep only 100 grams of gold with them without proof.