Gold Storage Rule: Do you have to pay tax even for keeping gold at home? Know what the rule says..
Gold Storage Rule: Buying gold in India is very popular for investment along with auspiciousness. It is even given as a gift at weddings, birthdays, or any big festival. By the way, Indian women have a different craze for gold jewelry.
Gold is very expensive and many people use bank lockers to keep it safe. But, many people keep it at home. In such a situation, many people are still unaware of the rule of how much gold can be kept at home (Gold Store Rule in India). If we keep more gold than the limit at home, then we have to give an account of it.
What is the limit of keeping gold (How Much Gold You Can Keep At Home)
Category
How much gold can be kept
Unmarried woman 250 grams
Unmarried man 100 grams
Married woman 500 grams
Married man 100 grams
The tax has to be paid on gold too
According to the rules of the Central Board of Direct Taxes (CBDT), if there is more than a limit of gold in the house, then information about it has to be given to the Income Tax Department. At the same time, there should also be proof of the gold kept in the house. As proof, from where the gold has been purchased or by whom it has been gifted.
According to the circular of CBDT, if any gold or gold jewelry is received as an inheritance, then no tax has to be paid. But, if the inherited gold jewelry is sold, then tax has to be paid.
At the same time, if a person buys any gold jewelry and sells it within three years, then he will have to pay a Short-Term Capital Gain Tax. On selling gold after 3 years, a Long-Term Capital Gain Tax has to be paid.
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