Income Tax New Rules: Most of the people of India like gold more than any other metal. Many people keep gold jewelery or biscuits etc. in their bank locker. But there are many people who keep gold jewelery or biscuits etc. at home. Let us know about it in detail.
Let us tell you that if you keep gold at home, there are some rules related to it. In this article we will give you complete information about it.
What does Indian law say?
First of all, let us tell you that the Gold Control Act was enacted in 1968. Under this, every citizen of India was allowed to keep gold only up to a limit. But this act ended in 1990.
After which there is no fixed quantity for keeping gold in India, only the person keeping the gold should have a valid proof. But if you keep more than a certain amount of gold, you may face income tax action.
How much gold can women keep at home?
If we talk about married women, then according to the income tax rules, a married woman can keep only 500 grams of gold at her home.
But if a woman is unmarried then she can keep up to 250 grams of gold. Let us tell you that there is no such rule in the case of men. Under Income Tax rules, any man can keep up to 100 grams of gold at home.
If there is no source of income
Let us tell you that if you have more gold kept at your home than the limit and you do not have any fixed income source, then action can be taken against you. Let us tell you that if a woman gets gold at her wedding and you keep that gold at home, then there is no income tax action on it.
Along with this, if you receive any gold jewelery as a gift, then you should also have the gift deed or its receipt. So that you have some proof of that gold.
If ever your house is raided, you can show this proof to the Income Tax officer.
If you have inherited gold
If you have inherited gold then you should have a proof of it in the document. Let us tell you that there is no limit on keeping this inherited gold.
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