Income Tax Rule: How much gold is tax free? Know the tax related rules for keeping gold at home

News India Live, Digital Desk: Do you know that at home Sleep Keeping also has its limits, on which you may have to answer the Income Tax Department? However, the good news is that in certain circumstances you can keep gold in a certain amount of gold at home without any concern, which is not taxed. This information can be very important for you, especially if you have gold as ancestral jewelery or savings.

According to Indian Income Tax Rules, There is no strict upper limit to keep gold in the house, provided you have valid documents of its purchase or receipt. However, the Income Tax Department has set some criteria under which you do not need to show any documents to sleep. If you have more gold found more than these prescribed limitations and you cannot tell its source, the Income Tax Department can seize it.

Which gold will not be taxed, know the limit:

• Married women: Married women can keep 500 grams of gold with them. On this, they will not need to show any document nor will the Income Tax Department question it.

• Unmarried women: This limit has been fixed at 250 grams for unmarried women. Gold up to this quantity is completely safe and tax free for them.

• Male (Married or unmarried): For men, whether they are married or unmarried, this limit is 100 grams. They do not need any document by keeping gold up to this quantity.

What about ancestral gold?

The ancestral or inherited gold is completely tax-free and there is no limit to keep it at home. If you have found inherited gold, the Income Tax Department cannot seize it, provided you have proper proof or documents of its being ancestral. In order to avoid disputes often during the raid, the Central Board of Direct Taxes (CBDT) issued a circular in 1994, stating that the Income Tax Officers cannot seize it if the taxpayer could present a proper document of the gold source.

It is important to remember that the ‘Gold Control Act 1968’, which used to set the limit to keep gold in the house, was abolished in 1990. So now the main thing is to give valid proof of the source of gold, especially if it is more than the prescribed limits.

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