There is a great fondness for wearing and buying gold in India. It is considered a symbol of prosperity and tradition. The belief that buying gold on auspicious occasions increases luck is common. In Indian society, gold is seen not just as jewelry, but as an important investment. (gold investment)

It has become a means of economic security. There is a presence of gold in every home, which reflects its popularity. Gold not only enhances beauty, but also has cultural significance. But have you ever wondered how much gold you can keep at home? Is there any rule regarding gold or not, let us tell you what are the government rules regarding gold.

Limit of keeping gold at home-
The Income Tax Department has given a separate guideline for keeping gold at home, by following which you can avoid the eyes of the department. The limit of gold in India is decided by the Central Board of Direct Taxes (CBDT).

The limit set by CBDT-
Married women: As per the rules of the Income Tax Act, a married woman can keep only up to 500 grams of gold. Legal action can be taken against you if you have more gold than this.

Unmarried women: If you are an unmarried woman, then according to the Act, you have the right to keep only 250 grams of gold.

Men: In India, whether a man is married or not, he has the right to keep only 100 grams of gold.

This limit has been set by the government and if you are found to have more gold than this limit, then the government has the right to question you and you will have to answer those questions with proof.

How much tax is levied on inherited gold?
Many people have this question in their mind about whether there is a tax on inherited gold. According to the guidelines of the Income Tax Department, if gold is inherited or purchased from tax-free income, it is not taxable as long as it is within the legally prescribed limit. Therefore, it is important to evaluate your inheritance with the right information.

What is the % tax on selling gold?

There is no tax on gold kept at home, but if you sell gold, it is necessary to pay tax. When you keep gold for three years or more and then sell it, you will have to pay Long Term Capital Gain Tax on the profit obtained. In this case, tax is applicable on the profit at the rate of 20 percent. Therefore, it is important to understand the tax provisions before selling gold.

If you sell gold within three years, the profit will be added to your current year's income and your income will be taxed according to the tax slab.

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