How much gold can you keep at home, what does the law say?

Gold is considered a good investment option not only in India but all over the world. But can you keep as much gold as you want in your house or is there any limit to it? Know what is the law related to it...

The way gold has given tremendous returns in the last few years, it is becoming the first choice of investment among people. Gold has been the easiest investment option in India since ancient times. But can you keep as much gold as you want in your house or is there any limit and any law related to it?

Most people in India prefer to keep gold at home, while many people also keep their gold jewellery safe in bank lockers. In such a situation, the government has also made some rules regarding the limit of keeping gold. It is better to know about them.

What is the limit for keeping gold?

First of all, let us tell you that there is no limit on the amount of gold a person can keep in the country. Any person can keep as much gold as he wants in his house. Provided that he is able to tell where he got the money to buy that gold from.

Under the Income Tax Act, if the Income Tax Officer asks you for the details of your income, or asks for the information about the money received for your gold or other assets, then the Income Tax Department gives you the complete details.

Is there income tax on buying gold?

3% GST is already levied on the purchase of gold in the country, but according to the Central Board of Direct Taxes (CBDT), which makes policies for the Income Tax Department, you can buy as much gold as you want from your declared income. You do not need to pay any separate tax on this. You have to pay income tax according to your tax slab.

Yes, if you have inherited gold from your ancestors, or it is equal to your reasonable savings, then it can also be exempted from tax. You do not have to pay any tax on the gold deposited in this way.

You can keep this much gold at home without any proof

According to the rules of CBDT, a married woman can keep about 500 grams of gold at her home without any proof. Whereas for an unmarried woman, this limit is 250 grams. Whereas men can keep only 100 grams of gold without proof.