Gold Purchase, Storage Rules: If you also have this question in your mind that how much gold can we keep at home, then in this news you will get complete information.. Also know that how much tax will have to be paid on selling gold.
The government has made some rules regarding the purchase and storage of gold in India. Know, how much gold you can keep at home. A married woman can keep 500 grams of gold with her.
How much gold can be kept at home?
According to the Central Board of Direct Taxes (CBDT), the amount of gold that can be kept at home should be legal. Whatever gold you have, there should be proof of how it was bought/acquired.
How much gold can women keep with them?
A married woman can keep 500 grams of gold with her. There is a limit of 250 grams of gold for unmarried women. The male members of the family can keep only 100 grams of gold.
Is inherited gold taxable?
If you have purchased or legally inherited gold from declared income or tax-free income (eg from agriculture), then it will not attract tax. If a raid is conducted, the officials cannot seize the gold ornaments found within the prescribed limits.
Is there any tax on keeping gold?
There is no tax to be paid on keeping gold. If you sell gold, then you definitely have to pay tax on it. How much? Read this further.
How much tax on selling gold before three years?
If you sell the gold within 3 years of buying it, the profit will be added to your income. Income tax will be applicable as per the prescribed tax slab.
How much tax on selling gold after three years?
If you sell gold after holding it for 3 years, then long-term capital gains (LTCG) tax will be levied on the profit. Its rate is 20 percent.
How much tax on selling gold bonds?
If the Sovereign Gold Bonds (SGB) can be sold within 3 years, then the profit will be added to your income and income tax will be deducted according to the tax slab. If sold after 3 years, the profit will be taxed at the rate of 20 per cent with indexation and 10 per cent without indexation. If you hold the bond till maturity, there will be no tax on the profit.
