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Sleeping limit at home: Gold is given great respect in Indian homes. Gold is a symbol of prosperity. Apart from jewellery, it is a good investment option. Nowadays a question is being discussed a lot that is there any limit for keeping gold in the house? The simple answer is no, the government has not imposed any limit on keeping gold at home. Recently, questions have come to light regarding the incidents of raids conducted by the Income Tax Department. During the raid, the Income Tax Department used to confiscate all the jewelery etc. found in the house and take it away. Many times the jewelery worn by women was also confiscated. There used to be a lot of problems regarding this and a situation of tension was created between the income tax payer and the tax department.
To solve this problem, the Central Board of Direct Taxes (CBDT) has issued a circular. It was said in this circular that gold will not be seized up to a certain limit in any raid. According to tax and investment expert Balwant Jain, this limit is as follows – a married woman can have 500 grams of gold, an unmarried woman can have 250 grams of gold and a man can have 100 grams of gold. Even if you do not have that much gold documents during the raid, they will not be confiscated. It is noteworthy that this is only about jewellery. There is no mention of gold biscuits and bricks in the CBDT circular.
before there was a limit
Balwant Jain says that under the Gold Control Act 1968, a limit was imposed on keeping gold in the house but it was abolished in 1990. In 1994, the CBDT issued a circular directing its officers not to seize gold jewelery up to the above limit. This was done to reduce the situation of tension between taxpayers and income tax officials. However, when the income tax payers will be asked to appear before the department during investigation, they will have to show the correct documents related to this much gold.
What about inherited gold?
The same rule will apply if a person has inherited gold jewelery from grandparents or ancestors. They will have to show his documents. They will have to provide proof that these ornaments belong to their ancestors. If the documents are correct then they will not be confiscated. If it is not so, then the Income Tax Department officials can take that gold with them. You can get them released later with the correct documents.