Gold prices are constantly increasing. Meanwhile, people want to invest in gold. If you want to invest in gold, then first you should know the limit of keeping gold at home. Here it is also important to keep in mind that the limit for keeping gold is different for women and men.

Amidst the rising prices of gold, one should know how much gold you can keep at home. What is the limit for married women and unmarried women regarding keeping gold at home? Are there different rules for men before or after marriage? Let's know the answers to all the questions...

What will happen if you keep more gold than the limit?

The question arises whether jewellery cannot be kept beyond the prescribed limit. Let us tell you that the rule is that if you do not keep jewellery as per the prescribed limit, then the Income Tax Department can take action against you. Your jewellery can be seized during the action. To avoid this, you need to know the Income Tax rules related to gold.

The limit of keeping gold is fixed.

Gold jewellery is the first choice of women. But, the question arises when women keep jewellery, is there any fixed limit for it? Can the Income Tax Department take action if they have more jewellery? The Central Board of Direct Taxes has fixed the limit for keeping gold in a circular. Action can be taken against you if you exceed this limit.

The limit is fixed according to gender.

According to the rules of keeping gold, a married woman can keep up to 500 grams of gold jewellery. This limit is only 250 grams for women before marriage. Men are allowed to keep up to 100 grams of gold before and after marriage. If you have kept more jewellery than this, the Income Tax Department can send you a notice. If a raid is conducted, the jewelry above this limit will be confiscated.

There will be no confiscation if these rules are followed.

According to the circular of CBDT, gold up to the prescribed limit will not be confiscated. No matter how much your family's income is. During the raid of the Income Tax Department, the jewellery up to the prescribed limit is separated. If the quantity is more, then the Income Tax Department officer can take the jewelry with him.

This action will be taken if more gold is kept.

According to the rules, if you keep more gold than the limit, the Income Tax Department can ask about its source. If you give full details about this and you have not evaded any tax, then your gold will not be confiscated during the raid. In such a situation, you will be saved from the action of the Income Tax Department. If you have taken gold (Gold's latest update) and manipulated the tax, then you will not be able to escape.

You can keep as much gold as you want in this way.

If you want, you can keep more gold, but if the Income Tax Department takes action, then you will have to tell its source. This will prevent the Income Tax Department from confiscating your gold. As per the rules, you will have to disclose the source of the money raised to buy gold. If there is nothing wrong with this, the Income Tax Department will not take any action against you. Therefore, if you buy gold, keep its receipt safely.

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.