Gold Limit Rules: Gold has always been considered as money that comes in an emergency. In India, every man and woman likes to wear gold jewelry. This is the reason why you will find some gold in every house (gold limit at home).

Many people keep a large amount of gold at home, which is more than the limit of keeping it at home. If this happens, the team of the Income Tax Department (income tax rules for gold) can also raid your house. If you want to avoid an Income Tax raid (IT raid), then you must know the limit of keeping gold at home.

You can keep only this much gold at home-
After marriage, a woman can keep 500 grams of gold (the gold limit for women) at her home. This also includes jewelry, before marriage the rule of keeping 250 grams of gold at home applies to women. It is not necessary to have any income proof or known source for this much gold. Whether a man is unmarried or married, he can keep 100 grams (the gold limit for a man) of gold at home.

Who has to pay tax on gold-

If you have proof of income and know the source of gold, then you can keep any amount of gold at home. According to the rules set by the Income Tax Department and the Central Board of Direct Taxes, if someone is found to have more gold than the prescribed limit at home, then he will have to pay tax (gold tax rules).

Gold can be confiscated if tax is not paid-

If you keep gold at home (home storage gold rules), then keep proof of your income and the source of gold should also be known. If this is not done, there may be a raid by the Income Tax Department and tax has to be paid. If tax is not paid, the department can also confiscate the gold and compensate the tax (tax on gold selling) from it.

Keep these proofs with you -

Those who have shown the source of income in their ITR (Income tax return) can keep as much gold as they want (gold limit rules) at home. There is no problem if the source of income and the source of gold are known, but if these proofs are not there, then it is better to keep gold (tax on gold) at home according to the prescribed limit. It is necessary to have proof of inherited gold, otherwise the Income Tax Department can impose a penalty.

There is no tax on this gold -

The Central Board of Direct Taxes has set a rule that if gold is bought from the income of farming, then there will be no tax (tax rules on gold selling) on ​​it. The reason for this is that the source of income or earnings is known. If there is proof of inherited gold, then it is tax-free. But tax (tax rules on gold) has to be paid on selling inherited gold.

This much tax will be levied on selling gold -

If someone sells gold after buying it and keeps it with him for two years, then he has to pay tax according to short-term capital gains. This has to be paid according to the income tax slab.

Tax on selling gold in the long term-

If a person keeps gold with him for three years and then sells it, then he has to pay tax as per long-term capital gains. On this, the person selling the gold will have to pay a 20 percent indexation tax (income tax rules for gold) and a 4 percent cess.

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