Gold Storage Rule In India: There are many people who like to collect gold ornaments, and some people find investing in gold to be a very good method. But do you know that there is a fixed limit for keeping gold at home. If you keep more gold than this limit at your home, then it can cost you a lot. Let us know in the news below what is the limit for keeping gold at home…
Gold Storage Rule: People in India love gold very much, especially women. Wearing gold jewellery is both a right and hobby of every woman. Anyway, buying gold (Gold price) in India is quite popular for investment along with auspiciousness. 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 Jewellery storage limit).
Nowadays the price of gold is skyrocketing. It 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 rules regarding 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.
How Much Gold You Can Keep At Home
Category
How much gold can be kept-
Unmarried woman 250 grams
Unmarried man 100 grams
Married woman 500 grams
Married man 100 grams
Tax has to be paid on gold too
According to the rules of the Central Board of Direct Taxes, if there is more than a limit of gold in the house, then information about it has to be given to the income tax department. At the same time, there should also be proof of the gold kept in the house. As proof, it should be mentioned from where the gold has been purchased or who has gifted it.
According to the circular of the Central Board of Direct Taxes, if any gold or gold jewellery is inherited then no tax has to be paid. However, if the inherited gold jewellery is sold then tax has 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 on selling gold after 3 years.
