NewsBytes
    Hindi Tamil Telugu
    More
    In the news
    Narendra Modi
    Amit Shah
    Box Office Collection
    Bharatiya Janata Party (BJP)
    OTT releases
    Hindi Tamil Telugu
    NewsBytes
    User Placeholder

    Hi,

    Logout

    India
    Business
    World
    Politics
    Sports
    Technology
    Entertainment
    Auto
    Lifestyle
    Inspirational
    Career
    Bengaluru
    Delhi
    Mumbai

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
    Home / News / Business News / How much gold can you legally possess in India?
    Next Article
    How much gold can you legally possess in India?

    How much gold can you legally possess in India?

    By Ramya Patelkhana
    Nov 30, 2017
    12:15 am

    What's the story

    Gold has always been one of the most preferred forms of jewelry and the safest investment option in India.

    But do you know how much gold a person can hold, or is allowed to possess, in light of the government's crackdown on black money and present income tax laws?

    Take a look at the answer to this "important" question in detail!

    Information

    Prescribed limit for possessing gold jewelry?

    There's no limit on holding any amount of gold jewelry/ornaments if the possessor can justify its source. No limit has been prescribed for possessing gold ornaments bought by individuals out of their savings money, which has already been taxed, or money received through inheritance.

    Proof

    How can you justify the source of gold jewelry?

    Individuals need to have proofs, like the invoice of purchase from the jeweler.

    If someone inherits gold or receives a gift, they need to have a copy of the will of the person from whom it was inherited or a family-settlement document, gift deed or a receipt from the person who gifted gold.

    Sometimes, one's social status, community traditions, customs could be considered proof.

    Without Proof

    Tax officials can seize gold without proof

    If an individual cannot justify the source of possessed gold, tax officials have the right to confiscate the same, if it doesn't match the person's reported income level.

    However, a specified amount of gold can be held without proof or stating where it has come from.

    Officers cannot seize the gold if it's under prescribed limits, which depend on one's gender and marital status.

    Information

    CBDT's clarification post-demonetization

    Post-demonetization, there were several rumors about the limit of gold jewelry/ornaments one can legally hold. On 1 Dec'16, Central Board of Direct Taxes (CBDT) issued a clarification saying there's no such limit if the possessor is able to explain the source of the gold investment.

    Specified Limits

    Prescribed limits for holding gold without proof

    The limit for possessing gold without explaining the source of owning it depends upon various factors.

    According to CBDT's circular, gold jewelry wouldn't be confiscated if it is under these limits: 100gms for a male, 250gms for an unmarried lady, and 500gms for a married lady.

    I-T officials can't seize the specified amount of gold even if the income level doesn't justify it.

    Information

    Limit different for men and women

    The CBDT's circular says the allowable gold limit (without proof) differs for a lady based on whether she is married. However, in case of a male individual, there's no such difference in the specified limit, meaning it is irrespective of a man's marital status.

    Coins, Bars

    Specified limit doesn't apply to all forms of gold

    It is essential to understand that the allowable gold limit doesn't apply to all forms of gold investment.

    While gold jewelry/ornaments are exempted (within specified limits, without proof), gold bars and coins are still confiscatable if the possessor cannot justify their source, even if they are under the prescribed limits.

    However, there's no need to worry if one has all the required proofs/documents.

    Facebook
    Whatsapp
    Twitter
    Linkedin
    Related News
    Latest
    India
    Central Board of Direct Taxes (CBDT)

    Latest

    After Test retirement, Kohli visits Vrindavan with Anushka  Anushka Sharma
    Modi effect: Shares of J-10 Chinese fighter jet maker crash China
    Trump's new drug pricing policy might hurt Indian pharma industry Donald Trump
    What is Google's 'AI First' program for Indian start-ups? Google

    India

    Mumbai's Arthur Road Jail to become Vijay Mallya's new home? Mumbai
    Coimbatore farmers take to WhatsApp to solve man-animal conflict WhatsApp
    'Short-term' political solutions to job reservation demands can damage: Rajan Reserve Bank Of India (RBI)
    How does LG V30 compare to Galaxy Note8, Pixel2 XL? LG

    Central Board of Direct Taxes (CBDT)

    I-T Department's 'name and shame' policy Telangana
    I-T to scrutinize high-value farm income India
    New tax-levy on content providers Netflix
    CBDT warns against revised I-T returns India
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2025