Gold Limit Rules: Along with those who invest in gold, there are many people who keep gold at home. Most of these people are unaware of the limit of keeping gold at home (Gold limit in India). Due to lack of this information, they have to face action by the Income Tax Department. If you have more gold than the prescribed limit (gold storage limit), the department can also raid and you can lose all that gold. Let us know what limit has been fixed by the department for keeping gold at home.
Gold limit at home There is a tradition of buying gold on special occasions in India. Many people buy a little gold on every special occasion (gold purchasing rules). This is called money used in emergency. For this reason also many people keep gold at home. If more gold than a limit (gold limit for home) is found at home, then the income tax department can raid and take it with them. Therefore, it is better to know the limit of keeping gold at home beforehand.
Income Tax Department has this right-
If you violate the limit of keeping gold at home (gold collection rules for home) and ignore the rules set, then action can be taken against you. If more gold is found at home than the limit set by the Central Board of Direct Taxes, then the Income Tax Department (IT gold limit rules) will have to answer. If the Income Tax Department is not satisfied with that answer, then apart from tax, other actions can also be taken against the person concerned. This comes under the powers of the Income Tax Department (IT department).
You can keep this much gold at home –
According to the income tax department, a married woman can keep up to half a kilo i.e. 500 grams of gold at home (gold limit for women). Before marriage, there is a rule to keep 250 grams of gold, but a man, whether married or unmarried, can keep only 100 grams of gold at home (gold limit for man).
Rules for those who file ITR –
If you have shown the source of income in the income tax return and have bought gold after that, then you will be saved from tax on it (tax on gold selling). If you buy gold from the income earned from farming, then you do not have to pay any tax on it (tax on gold).
When is tax levied on inherited gold –
You may have to pay tax on inherited gold (income tax rules for gold) when you do not have proof of it. When asked by the Income Tax Department, you can avoid action by telling the correct source of this gold. If you keep more gold in your house than the prescribed limit (gold limit rules) without proof, then you will have to pay tax on it (tax rules for gold) in any case.
This much tax will have to be paid on selling gold –
There are many rules (gold selling rules) for buying and selling gold. If a person keeps gold for three years (gold selling rules) and sells it, then he will have to pay 20 percent tax on the profit earned from it. This is considered as Long Term Capital Gain. If a person sells gold after keeping it with him for before three years, then the seller has to pay tax (gold par tax ke niyam) on the profit earned from it as per the tax slab. This profit is added to the annual income of the seller.
If the source of income is not known then action will be taken –
If the Income Tax Department (IT gold tax rules) does not get a satisfactory answer from you or does not get the correct information about the source of gold, then the gold kept at your home (tax on gold) can be confiscated. If you have solid evidence and the known source of income is not known, you can keep as much gold or jewelry as you want at home.
Protect yourself and your gold in this way –
If you keep a large amount of gold at home, then keep the related documents (gold documents) and evidence with you. It is also very important to know the source of income. By doing this, you can avoid the action of the Income Tax Department and can keep as much gold at home as you want. Always take a proper bill (gold bill) on buying gold (gold buying tips), if needed, you can tell the Income Tax Department about the source of gold.
