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Gold Storage Rule: You will have to pay tax even if you keep gold at home? know what the rule says

Gold Storage Rule In India The tradition of buying or gifting gold in India is very old. People buy gold and keep it at home. However, keeping security in mind, many people keep gold in bank lockers. Today in this article we will tell you how much gold you can keep at home. What will happen if you keep more gold than the limit.

Gold Storage Rule: Buying gold in India is very popular for investment along with auspiciousness. It is even given as a gift on weddings, birthdays or any big festival. By the way, Indian women have a different craze for gold jewellery.

Gold is very expensive and many people use bank lockers to keep it safe. But, many people keep it at home. In such a situation, many people are still unaware of the rule of how much gold can be kept at home (Gold Store Rule in India). If we keep more gold than the limit at home, then we have to give an account of it.

What is the limit for keeping gold

Social class
How much gold can you keep
Unmarried woman250 grams
unmarried man100 grams
married woman500 grams
Married men100 grams

 

Tax has to be paid on gold too

According to the rules of the Central Board of Direct Taxes (CBDT), if there is more than a limit of gold in the house, then information about it has to be given to the Income Tax Department. At the same time, there should also be proof of the gold kept in the house. As proof, it should be mentioned from where the gold has been purchased or who has gifted it.

According to the CBDT circular, if any gold or gold jewellery is inherited then no tax has to be paid. However, if the inherited gold jewellery is sold then tax has to be paid.

At the same time, if a person buys any gold jewellery and sells it within three years, then he will have to pay Short-Term Capital Gain Tax. Long-Term Capital Gain Tax has to be paid on selling gold after 3 years.

Shyamu Maurya
Shyamu Maurya
Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.com
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