Gold Keeping Rule: There is a fixed limit for keeping gold in the house, if you have more gold in your house than this then your problems may increase. Know what is the rule of keeping gold at home
Gold Keeping Rule: Buying gold is almost everyone’s hobby in India, be it a festival, wedding, gifting or buying it for personal jewellery, everyone wants to buy gold. Gold is also considered as a better investment, hence people want to buy more and more gold and keep it as an option in difficult times.
But there are some special rules regarding the maximum amount of gold a person can buy and how much gold he can keep at home, which is very important to know. Today, through this article, we will introduce you to the rules related to buying and keeping gold.
India has been the largest importer of gold for a long time. Talking about the year 2022, India had purchased 31.25 tonnes of gold. According to the information given by the World Gold Council, India is among the top countries importing maximum gold.
Rules for women
If a woman is married, she can keep a maximum of 500 grams of gold at home. Whereas for unmarried women the maximum limit for keeping gold is 250 grams.
Rules for men
Talking about men, any man can keep a maximum of 100 grams of gold or jewelery in the house. It is worth noting that if there are two men and two women in the house, then individually they can keep gold up to the prescribed limit.
If you have a certain amount of gold at home, it cannot be confiscated. According to government rules, gold or jewelery cannot be confiscated during raids if it is in a prescribed quantity.
Cbdt rule
According to the rules of the Central Board of Direct Taxes, if the source of gold or jewelery purchase is declared, it is purchased from salary, savings, agricultural income or from legally recognized income, then no tax will be levied on it. According to the rules, if a person has purchased gold from the declared income, then there cannot be any limit on it.
Will have to pay tax on selling
If you want to sell gold within three years of buying it, you will have to pay tax on it. You will have to pay short term capital gains tax on this. But if you sell gold after three years, you will have to pay long term gains tax on it.
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