look news india
Gold prices have been rising continuously for the last few years and investors have got huge returns. Also, people are investing more and more in gold and buying gold has become the first choice of people. Gold has been the easiest option of investment in India since ancient times. But do you know how much gold can be kept at home? Limits and laws apply to gold as well.
Most people in India prefer 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 was good to know about this.
What is the limit for keeping gold?
First of all, let us tell you that there is no limit to how much gold a person can keep in the country. Any person can keep as much gold as he wants in his house. However, he can tell where he got the money to buy the gold from.
Under the Income Tax Act, if the Income Tax officer asks you for details of your income or money received in exchange for gold or other property, you have to give complete information.
Is there income tax 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 will not have to pay any separate tax on this. You will have to pay income tax according to your tax slab.
Yes, even if you have inherited the gold from your ancestors or it is equivalent to your reasonable savings, it can be exempted from tax. You will not have to pay any tax on the gold accumulated in this way.
You can keep this much gold at home without any proof!
According to CBDT rules, a married woman can keep about 500 grams of gold in her house without any proof. While for unmarried women this limit is 250 grams. While men can keep only 100 grams of gold without any proof.