Gold Rate: Gold is a precious metal whose value has been increasing with time. Buying gold during festivals in India is considered auspicious. From jewelery to coins, many people like to keep gold in their homes.
However, to keep gold at home, some government rules also have to be followed. Also, you cannot keep more than a limit amount of gold at home. Let us know about some government rules for keeping gold at home…
According to the Central Board of Direct Taxes (CBDT), if a person has declared income, exempted income like agricultural income, or purchased gold from eligible household savings or legally inherited income, then he is not subject to tax. will be. The rules also say that during search operations, officials cannot seize gold ornaments or jewelery from a house, provided the quantity is within the prescribed limit.
This much gold can be kept.
According to government rules, a married woman can keep 500 grams of gold, an unmarried woman can keep 250 grams of gold and for male members of the family this limit is 100 grams. The rules state, ‘Apart from this, it is completely safe to legally possess any amount of jewellery.’ This means that there is no limit to the storage of gold as long as it is purchased through clear sources of income.
If someone sells gold after keeping it for more than three years, then long-term capital gains tax (LTCG) will be levied on the sale proceeds, which is 20 percent with indexation benefit. On the other hand, if you sell the gold within three years of purchasing it, the profit is added to the individual’s income and taxed as per the applicable tax slab.
Sovereign Gold Bond:
In case of selling Sovereign Gold Bond (SGB), the profit will be added to your income and then taxed as per the tax slab chosen. When SGBs are sold after three years of holding, the gain will be taxed at the rate of 20 per cent with indexation and 10 per cent without indexation. No tax will be levied on gains especially if the bond is held till maturity.