In India, gold is not just a metal, but a symbol of heritage, tradition, and faith. Across India, from north to south, people have a special attachment to gold. Be it a wedding or a festival, every happiness seems incomplete without gold. This is the reason why Indian families have been accumulating gold from generation to generation—sometimes in the form of jewellery and sometimes in the form of coins.
But are you aware of the fact that the Income Tax Department also keeps an eye on your gold purchases? If you have more gold than the prescribed limit and you are unable to prove its legality, then you may get an income tax notice or even a raid. In such a situation, it is important to know how much gold you can legally keep at home so that any kind of tax investigation can be avoided.
So, what are the specific limits for keeping gold at home for different individuals? Check out these regulations to ensure compliance.
Also read: Under tax radar due to high income and low withdrawals? Here’s how you can avoid tax investigation
Gold purchase, storage, and tax rules in India: The government has established rules regarding the purchase and storage of gold in India. According to these regulations, a married woman is allowed to keep up to 500 grams of gold at home.
How much gold can you keep at home?
According to the Central Board of Direct Taxes (CBDT), you can keep a specified amount of gold in the house. So, whatever amount of gold you have, you must have proof of how you got it.
How much gold can women keep with themselves?
The income tax laws say that a married woman can keep 500 grams of gold with her. The limit of gold for an unmarried woman is kept at 250 grams. Men of the family are allowed to keep only 100 grams of gold.
Is there a tax on inherited gold?
If you have purchased gold from declared income or tax-exempt income (such as agriculture) or have legally inherited it, there will be no tax on it. If a raid is conducted, the authorities cannot seize the gold jewellery found within the prescribed limit.
Is there a tax on keeping gold also?
While there is no tax to be paid on keeping gold at home,
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