How Much Gold Can Keep at Home Legally: If you have a prescribed amount of gold in your home. In this situation, no officer can seize the gold in the house at the time of search. Let’s know about it in detail.
Gold is a precious metal. Many people use gold as jewellery. In India, on the occasion of Dhanteras or during the wedding season, there is a lot of buying of gold. Apart from this, many people also see gold as a safe investment. Apart from jewelery and ornaments, many people also keep gold coins in their homes. Most of us have gold in our homes.
In such a situation, the question arises that how much gold can we keep in our homes. According to the Central Board of Direct Taxes (CBDT), reported or exempt income such as agriculture, household savings or legally inherited gold is not subject to tax.
In such a situation, if you have a fixed amount of gold in your house. In this situation, no officer can seize the gold in the house at the time of search. Let’s know about it in detail –
You should know that a married woman can keep 500 grams of gold and an unmarried woman can keep 250 grams of gold with her. Whereas men can keep 100 grams of gold with them.
According to the rules, if you have bought gold legally as a source of income. In such a situation, you can keep any amount of gold with you. No limit has been fixed regarding this.
Significantly, if you do not sell your gold. In this situation, he will not be taxed. Whereas as soon as you sell your gold. Similarly it will come under tax.
If you buy gold and sell it within three years. In this situation, the benefits received on it are added to the income of the person. Tax is levied on this under the tax slab. On the other hand, if you sell your gold within more than three years of buying it. In this situation, the profit you make will be subject to long term capital gains tax.
