How Much Gold You Can Keep At Home?

There is a limit on how much gold or jewelery can be stored at home.

One should also be aware about what the government rules say on storing the yellow metal at home.

A married woman is allowed to keep at least 500gm of gold with her. For the unmarried woman, the prescribed quantity is 250gm, said a report by Kotak Life.

In case of a male member of a family, a man is allowed to keep 100gm of gold or jewellery.

According to government rules, authorities can not seize ornaments or gold during raid or search operation if the gold quantity is under the prescribed limit.

The CBDT rules say that if the gold or jewellery is purchased with disclosed source of income like agriculture, household saving or legally inherited, then that gold won't be subject to any tax.

The rules further sates that there is no limit on keeping the gold or jewellery as long as they are bought using known sources of income.

If you decide to sell your gold in less then three years of purchasing it, then that is subjected to a short term capital gains tax at income tax slab rates.

The capital gains will be taxed at 20 per cent indexation benefit (indexation benefit is used to adjust the rate of gold purchase after inflation) plus 4 per cent cess.