Guidelines for Gold: How much gold can you keep at home, the government issued a guideline and told the rules, see
Newz Fast, New Delhi: India's gold demand for Q3 2022 increased by 14 percent to 191.7 tonnes. The demand in Q3 2021 was 168 tonnes. But this also raises another question. How much gold can be kept at home?
What does the law say?
The Central Board of Direct Taxes (CBDT) had earlier issued directions to its officials to deduct tax on any gold ornaments and jewelery from individuals up to a certain limit based on their gender, marital status and relationship as a family member. Do not seize during If seen, there is no limit to keep gold jewelery or ornaments in India.
However, according to an Income Tax notification dated May 11, 1994, married women in India can keep gold jewelery and ornaments up to 500 grams without proof. For unmarried women, the maximum amount of physical gold they can keep at home is 250 grams. Men are only allowed to have up to 100 grams, regardless of their marital status.
Anything placed beyond these limits without the required income proof will be subject to scrutiny and possible confiscation. According to tax-related information platform Chartered Club, gold coins and bars can be confiscated, even if they fall within the specified limits, if there is no required document to prove their acquisition.
Is it a good idea to keep gold in the house?
According to investment experts, keeping physical gold at home is not a good idea considering the security concerns and the risk of theft. Let us tell you that gold is not just a metal but also an emotion for the people of India. It is not only a safe investment but it also adds to the happiness of our families.