Gold storage Limit: Jewelery you can keep at home, provided that if you are asked about the source of income of the money with which you have bought gold, then you should know about it. There are some limits on purchasing unaccounted gold Jewellery.
At the same time, according to the Central Board of Direct Taxes (CBDT), there is a limit for keeping gold Jewelery without showing any proof. The limit given below is that which you can keep in your house without any hassle and for this you do not have to provide any proof.
- A married woman can keep up to 500 grams of gold.
- An unmarried woman can keep 250 grams of gold.
- A man can keep only 100 grams of gold with himself.
Can gold be seized during raids?
The rules state that officials cannot seize gold ornaments or jewelery from a house during a search operation or raid, provided the quantity is under the limit prescribed by the government.
Is there any tax on keeping gold?
Gold received from friends or relatives is not taxable. If you decide to sell it, capital gains tax is applicable on it. If you keep gold for less than three years then STCG will be applicable, whereas if you choose to sell it after keeping it for more than three years then LTCG will be applicable. The income from the sale will be subject to tax, which is 20% with indexation benefit.