As per the CBDT rules, a man can keep only 100 grams of gold with him.
An unmarried woman can keep 250 grams of gold with her.
A married woman can keep a maximum of 500 grams of gold with her.
New Delhi. Enforcement Directorate (ED) has recovered huge amount of cash and gold in two separate cases. ED has made big disclosures by raiding Shiv Sena MPs Sanjay Raut and Arpita Mukherjee here. Cash worth Rs 11.50 lakh has been recovered from Sanjay Raut’s house, while Rs 50 crore cash and gold has been seized from Arpita Mukherjee’s flat. But you will already have all this information. Today we are telling you how much gold you can keep with you.
The Central Board of Direct Taxes (CBDT) has fixed the limit for keeping gold in the house. A man can keep only 100 grams of gold with him. An unmarried woman can keep 250 grams of gold with her and a married woman can keep a maximum of 500 grams of gold with her. This is the quantity of gold for which you can keep in the house even if you do not have proof. Even if there is a search in your house, it cannot be confiscated if you find such a quantity of gold.
You can also survive on more than the limit, provided…
According to the rules of CBDT, if gold is found from someone’s house in excess of the above given quantity, then the Assessing Officer at his discretion should not confiscate it. At such a time, a concession can be given keeping in mind the customs of the family, etc. But if a large quantity of gold is found, then it is sure to be confiscated. Apart from this, it is also important to understand here that the above-mentioned limit should be in the form of jewelery for family members. If the jewelry belongs to someone else, then it can be confiscated.
If you have fixed bills and details of all sources of income and you have bought gold with your earnings, then you can keep as much gold as you want.
source of investment in gold
Whether you buy gold jewelery or bullion, it is important to take and save your tax invoices while buying gold. According to the information given on ClearTax’s website, tax experts say that if you can tell about the source of investment in gold, then you need not worry. The Central Board of Direct Taxes (CBDT) in its press release dated 1 December 2016 has clarified that there is no limit to possess gold ornaments, provided the source of investment or inheritance can be explained.
However, it is necessary that the income of the person is commensurate with the amount of gold. If so, you can avoid the scrutiny of the Income Tax Department by providing the necessary proof of gold kept with you. Meaning the Income Tax Department cannot sit an investigation on you. If this is not the case, the Assessing Officer has the right to confiscate the gold.
If you have inherited gold..
If you have received gold jewelery as a gift or inherited jewelery worth less than Rs 50,000, then it is not taxable. But, the person has to prove that it has been gifted or inherited by him. For inherited gold, it should be mentioned in the family settlement agreement or will. At the same time, for the gold found in the gift, there should be a receipt in the name of the giver.
Note – Today we have given you information about the limit of keeping gold in the house. Tomorrow we will tell you in detail about the limit of cash in the house.
FIRST PUBLISHED : August 02, 2022, 18:52 IST