Gold storage Limit: How much gold can you keep at home while avoiding any tax related scrutiny? Know the government order and also know how the income from gold is taxed?
Gold storage Limit: Only a few days are left for Rs 2000 notes to be banned in the country. However, when the news came that Rs 2000 notes will be banned, the demand for gold increased significantly. People thought it was right to buy gold with the Rs 2000 notes kept with them, but do you know how much gold you can keep at home while avoiding any tax related investigation?
There is no limit on how much gold
jewelery you can keep at home, provided that if you are asked about the source of income of the money with which you have bought gold, then you should know about it. There are some limits on purchasing unaccounted gold jewellery.
At the same time, according to the Central Board of Direct Taxes (CBDT), there is a limit for keeping gold jewelery without showing any proof. The limit given below is that which you can keep in your house without any hassle and for this you do not have to provide any proof.
- A married woman can keep up to 500 grams of gold.
- An unmarried woman can keep 250 grams of gold.
- A man can keep only 100 grams of gold with himself.
- Can gold be seized during raids?
The rules state that officials cannot seize gold ornaments or jewelery from a house during a search operation or raid, provided the quantity is under the limit prescribed by the government.
Is there any tax on keeping gold?
Gold received from friends or relatives is not taxable. If you decide to sell it, capital gains tax is applicable on it. If you keep gold for less than three years then STCG will be applicable, whereas if you choose to sell it after keeping it for more than three years then LTCG will be applicable. The income from the sale will be subject to tax, which is 20% with indexation benefit.
