Gold Income Tax Rules In India: How Much Gold Can Married And Single Women Keep At Home?

Gold Income Tax Rules In India: Whether it's festivals or any other occasions, gold is considered an evergreen investment in Indian homes and proves useful in emergencies.

For long, India has been one of the largest importer of yellow metal. Almost every family in the country at least has some quantity of gold in the form of jewellery and sometimes coins and gold investment plans. Besides its financial value, gold is treated as an epitome of good fortune and wealth in our country.?

However, there is a certain limit on how much gold you can keep at home. This is where it becomes important to understand the gold limit in India.?

If you want to know how much gold you can keep at home, this article for you. We will discuss all the rules and regulations regarding the storage of this precious yellow metal at home.

Gold Income Tax Rules In India: How Much Gold Can Married And Single Women Keep At Home? | Reuters

What is the Gold Limit Per Person in India?

According to the Central Board of Direct Taxes (CBDT), gold purchases made with revealed income sources and exempted revenue such as agricultural income, legally inherited money that could be explained, and a reasonable amount of household savings will not be taxed.

?ALSO READ:?Gold Jewellery Cleaning Tips

Following is the allowed gold limit per person in India

Note that income tax officials can not take gold jewellery from your home during the search operations if the quantity is within the allowed bracket.

In addition to ensuring the security of your gold, it's essential to understand the government rules regarding storing the precious metal at home.

Gold Allowance for Married and Unmarried Women

A married woman is permitted to possess up to 500 grams of gold. For unmarried women, the allowed quantity is 250 grams, as reported by Kotak Life.

ALSO READ:?Looking For A Gold Loan? Here’s The List Of 10 Banks That Offers Lowest Interest Rates

Gold Allowance for Men

Male members of a family are allowed to keep up to 100 grams of gold or jewellery.

Gold Income Tax Rules In India: How Much Gold Can Married And Single Women Keep At Home? | Reuters

No Seizure of Gold Below Prescribed Limit

Government regulations dictate that authorities cannot confiscate ornaments or gold during raids or search operations if the quantity is below the prescribed limit.

Central Board of Direct Taxes (CBDT) Guidelines on Gold Storage at Home

According to CBDT rules, if gold or jewellery is purchased using disclosed sources of income such as agriculture, household savings, or legal inheritance, it is not subject to taxation. There is no limit on keeping gold or jewellery as long as they are bought using known sources of income.

Tax Implications on Gold

Selling gold within three years of purchase incurs short-term capital gains tax at income tax slab rates. Gold sold more than three years after purchase attracts long-term capital gains tax. The capital gains are taxed at 20 per cent with indexation benefit (adjusting the purchase rate after inflation) plus a 4 per cent cess.

For the latest and more interesting financial news, keep reading Indiatimes Worth.?Click here