NewsBytes
    Hindi Tamil Telugu
    More
    In the news
    Mukesh Ambani
    WhatsApp
    Reliance Jio
    OPPO
    Vivo
    Sensex
    Bitcoin
    NewsBytes
    Hindi Tamil Telugu
    NewsBytes
    User Placeholder

    Hi,

    Logout


    India Business World Politics Sports Technology Entertainment Auto Lifestyle Inspirational Career Bengaluru Delhi Mumbai Visual Stories Find Cricket Statistics Phones Reviews Fitness Bands Reviews Speakers Reviews

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
     
    Home / News / Business News / How much gold can Indians legally store at home?
    Business

    How much gold can Indians legally store at home?

    How much gold can Indians legally store at home?
    Written by Manzoor-ul-Hassan
    Oct 31, 2022, 06:09 pm 3 min read
    How much gold can Indians legally store at home?
    Technically, there is no limit on holding golden jewelry if the person justifies the source of income for the investment

    India has always been obsessed with gold, and people adore the precious metal for investment purposes and cultural reasons, too. However, the central government keeps tightening the regulations on storing gold at home in order to track unaccounted income and combat black money. Hence, it is important to know how much gold is legally permitted to be held in India. Here's everything to know.

    No limit for possessing gold jewelry

    As per the Central Board of Direct Taxes (CBDT) dated December 1, 2016, there is no maximum limit on holding gold jewelry/ornaments if the possessor can justify the source of income. No limit has been prescribed for possessing gold jewelry bought by individuals using their disclosed income, savings that have already been taxed, money legally received through inheritance, or exempted sources like agricultural income.

    Limits for holding gold jewelry without proof

    The limit for holding gold jewelry when the possessor doesn't have supporting documents or cannot explain the source depends on various factors. According to CBDT, gold jewelry/ornaments wouldn't be confiscated if it is under these limits: 100gm for men, 250gm for unmarried women, and 500gm for married women. Income Tax officials can't seize the above-specified jewelry amounts even if one's income doesn't justify it.

    Rules differ for the sale of gold

    Meanwhile, there are different rules for selling gold. The income from the sale of gold held for three or more years is subject to long-term capital gains (LTCG) tax—20% with an indexation benefit, according to NDTV. If the sale is made within three years of the gold purchase, the gains are added to the individual's income and taxed at the applicable income tax slab.

    What do rules say about Sovereign Gold Bonds?

    When selling Sovereign Gold Bonds (SGBs), too, the gains from the sale are added to one's income and taxed according to the concerned tax slab. When SGBs are sold after three years, the gains are taxed at a rate of 20% with indexation and 10% without indexation, per NDTV. Notably, if SGBs are held until maturity, no tax will be levied on the gains.

    How to justify source of jewelry?

    To justify their income source for gold investment, people must have proof like the jeweler's invoice. If someone inherits gold/receives a gift, they must have a copy of the will of the person from whom it was inherited or a family settlement deed, gift deed, or receipt from the person who gifted it. Sometimes, social status, community traditions, and customs can be considered proof.

    Share this timeline
    Facebook
    Whatsapp
    Twitter
    Linkedin
    Latest
    Central Board of Direct Taxes (CBDT)
    Central Government
    Income Tax Department of India

    Latest

    US shoots down suspected Chinese spy balloon; 'overreaction,' says China United States of America
    Zeekr X v/s Volkswagen ID.3: Which EV makes more sense? Volkswagen
    Bhuvneshwar Kumar turns 33: His top 5 spells (international cricket)  Bhuvneshwar Kumar
    Asia Cup 2023 likely to take place in UAE: Report  Asia Cup

    Central Board of Direct Taxes (CBDT)

    Income Tax Returns deadline extended to March 15 Income Tax Department of India
    Pandora Papers: Government orders multi-agency probe led by CBDT Ministry of Finance
    I-T department raids Gujarat diamond group, claims multi-crore tax evasion Gujarat
    CBDT extends deadline for Income Tax Returns till December 31 Narendra Modi

    Central Government

    Will appoint 5 recommended judges soon: Centre assures SC Supreme Court Of India
    SC seeks Centre's reply over appeals against banning BBC documentary Supreme Court Of India
    Budget 2023-24: Boost for Hyderabad as Centre reveals 'Millet Plans'  Nirmala Sitharaman
    Union Budget 2023: How's new tax regime different from old Union Budget

    Income Tax Department of India

    IT sleuths seized our phones, cloned data, claim Oxfam, IPSMF Ministry Of Home Affairs
    Delhi: Tax raids at think tank Centre for Policy Research Delhi
    ICAI CA Foundation June 2022 results out: How to check? Exams
    ITR verification time limit reduced from 120 to 30 days Government of India

    Love Business News?

    Subscribe to stay updated.

    Business Thumbnail
    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 2023