Gold limit rules: Apart from occasions like marriage, women and men often wear gold ornaments. Apart from the ornaments worn all the time, many people keep gold in their homes (gold tax new rules). Most people are unaware of the limit of keeping gold at home.

If more than a limit of gold is found at home, then the team of the Income Tax Department (IT gold limit rules) can also raid. After this, your problems will increase even more. If you too have kept gold at home, then definitely know this limit.

Not following the rules can be costly-

If you do not follow the rules of keeping gold at home by the Income Tax Department, then your problems can increase. You may also have to pay tax on it (tax on gold). If gold is kept at home beyond a fixed limit, then action can be taken against you by the department.

According to the Central Board of Direct Taxes, if more than the fixed limit of gold is found at home, then you will have to answer to the Income Tax Department. If the department is not satisfied with your answer, then other actions including tax can also be taken.

The source of gold should be known-

If the income tax department finds more gold than the limit, it can ask you about the source of this gold. As per the rules (gold collection rules at home), during checking, income jewelry cannot be seized, but it should be as per the limit. If it is more than the limit (Gold limit in India), then you should know its proof and source.

You can keep this much gold at home -

According to income tax, after marriage, a woman can keep 500 grams of gold (the gold limit for women) at home. Before marriage, she can keep 250 grams of gold. The limit for keeping gold for a man (the gold limit for man) is 100 grams.

There is no tax on this type of gold -

There is no tax (tax on gold) on gold purchased from farming income. After showing the source of income in the income tax return, there is no tax (tax on gold selling) on ​​buying gold. According to the rule, gold bought with the money saved by cutting down on other household expenses is also not taxed (gold tax rules).

Tax rules on inherited gold-

Apart from this, no tax has to be paid on inherited gold (income tax rules for gold), but proof of this is necessary. If the Income Tax Department asks any question, then giving the correct answer, the correct source of this gold has to be told. If there is no proof, then tax (tax rules for gold) has to be paid on the gold kept at home beyond the limit.

How much tax is levied on selling gold-

If you keep gold for three years (gold selling rules) and sell it, then a 20 percent tax will have to be paid on its dividend. The profit earned from this gold will be considered as Long Term Capital Gain. If gold is sold before three years, the profit earned from it is added to the seller's income for the whole year. Tax (gold par tax ke rules) has to be paid on this as per the tax slab.

Keep the gold bill safely-

After buying gold, take its proper bill (gold bill), if needed, you may have to tell the income tax department about the source of gold. Therefore, this bill should always be kept safely. If the income tax department does not get the correct answer or correct information about the source of gold, then the gold kept at home can be confiscated. If there is complete proof and known source of income, then there is no limit (gold collection rules) to keep jewelry at home.

Disclaimer: This content has been sourced and edited from Hr Breaking. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.