look news india
Gold storage rules: Buying gold in India is very popular for auspiciousness as well as investment. It is even given as a gift on weddings, birthdays or any big festival. By the way, Indian women have a different craze for gold jewellery.
Gold is very expensive and many people use bank lockers to keep it safe. But, many people keep it at home. In such a situation, many people are still unaware of the rule that how much gold can be kept at home (Gold Store Rule in India). If we keep more gold than the limit at home, then we have to give an account of it.
What is the limit for keeping gold?
| Social class |
How much gold can you hold? |
| unmarried woman | 250 grams |
| bachelor | 100 grams |
| Married woman | 500 grams |
| Married men | 100 grams |
Tax will have to be paid on gold too
According to the rules of the Central Board of Direct Taxes (CBDT), if there is more than a certain amount of gold in the house, then information about it has to be given to the Income Tax Department. Along with this, there should also be proof of the gold kept in the house. As proof, it should be told from where the gold has been purchased or who has gifted it.
According to the CBDT circular, if any gold or gold jewellery is inherited, then no tax will have to be paid on it. However, if the inherited gold jewellery is sold, then tax will have to be paid.
At the same time, if a person buys any gold jewellery and sells it within three years, then he will have to pay short term capital gain tax. Long term capital gain tax has to be paid if gold is sold after 3 years.