Gold Storage Limit at Home: The Income Tax Department keeps an eye on your gold purchases and if you keep more gold than the prescribed limit, you may receive a notice or your house may be raided.
Gold Storage Limit at Home: In India, gold is not only purchased as a form of jewelry for adornment, but it is also an important investment. Furthermore, buying gold is considered auspicious for various occasions, including weddings. This tradition has been going on for a long time.
Gold is so popular in India that people accumulate it from generation to generation. But do you know how much gold can be stored at home? What is the limit? Did you know that the Income Tax Department monitors your gold purchases, and possessing more than the prescribed limit could result in a notice or a raid on your home? Let us explain the rules for storing gold at home today so that you can understand how much gold you can legally keep at home to avoid income tax scrutiny.
The rules are different for everyone
The rules for purchasing and storing gold in India differ for men, married women, and unmarried women. Married women are allowed to possess up to 500 grams of gold. Unmarried women can possess up to 250 grams, and men can possess up to 100 grams.
If you possess more gold than this limit, you must have a bill or declaration in your income tax return. If you have valid proof, you can store any amount of gold. This Income Tax Department limit applies only to gold without documents. This means that proof is required regardless of the amount of gold you possess.
Is gold storage taxable?
If you purchased gold from declared income, tax-exempt income such as agricultural income, or if you inherited it legally, it will not be taxable. If you store gold within the prescribed limit or exceed the limit but have valid proof, your jewelry cannot be confiscated even if a raid occurs. There is no tax on gold storage at home, but if someone sells the gold, it will be taxable.
Add informalnewz.com as a Preferred Source
DISCLAIMER
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at informalnewz@gmail.com
