Gold: Do you know how much gold can be kept at home and are there any special limits to it? Do you know how much gold women can keep? The answers to all these questions are being told to you in this article.
People in India, especially women, are seen to have a lot of attachment towards gold. Because of this, gold has remained one of the most popular assets in Indian families for a long time. Almost every family in India has some amount of gold. Whether it is in the form of jewelry, coins or modern investment plans, every family has gold in some form or the other. Gold is also seen as a symbol of good luck and wealth.
But do you know how much gold can be kept at home, and are there any special limits to it? If you also keep gold at home, then you must know about some of the rules mentioned here.
Rules for purchase and storage of gold
The Government of India has made some rules regarding the purchase, sale and storage of gold by citizens. According to the Central Board of Direct Taxes (CBDT), you can keep only a certain amount of gold at home. So no matter how much gold you have, you must have proof of how you acquired it.
How much gold can women keep
According to the Income Tax Act, a married woman can keep 500 grams of gold with her. While the limit of gold for an unmarried woman has been set at 250 grams. Men of the family are allowed to keep only 100 grams of gold.
Is there tax on inherited gold?
If you have bought gold from declared income or tax-free income (such as agriculture) or you have inherited it legally, then there will be no tax on it. If a raid is conducted, the officers cannot seize the gold jewellery found within the prescribed limit.
Is there tax on keeping gold?
There is no tax on keeping gold at home, but if gold is sold then tax has to be paid on it.
How much tax will be levied on selling gold after three years?
If you sell gold after keeping it for 3 years, then the profit earned from it will be taxed as Long Term Capital Gains (LTCG). Its rate is 20 percent.
How much tax is levied on selling gold bonds?
If Sovereign Gold Bond (SGB) is sold within 3 years, then the profit is added to the income of the seller and income tax is levied according to the tax slab. If it is sold after 3 years, then the profit is taxed at 20 percent indexation and 10 percent without indexation. If the bond is kept till maturity, then no tax is levied on the profit.
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